OLD National Bancorp IN Makes New Investment in Synopsys, Inc. $SNPS

OLD National Bancorp IN purchased a new position in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 609 shares of the semiconductor company's stock, valued at approximately $312,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in shares of Synopsys by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 14,829,770 shares of the semiconductor company's stock worth $6,359,747,000 after acquiring an additional 346,994 shares in the last quarter. Pictet Asset Management Holding SA boosted its position in Synopsys by 38.3% during the first quarter. Pictet Asset Management Holding SA now owns 2,432,596 shares of the semiconductor company's stock worth $1,043,518,000 after purchasing an additional 673,837 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in Synopsys by 6.6% in the first quarter. Ameriprise Financial Inc. now owns 2,013,380 shares of the semiconductor company's stock valued at $863,500,000 after purchasing an additional 125,199 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Synopsys by 20.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,816,319 shares of the semiconductor company's stock valued at $778,928,000 after buying an additional 305,489 shares in the last quarter. Finally, Alliancebernstein L.P. raised its stake in shares of Synopsys by 22.2% during the 1st quarter. Alliancebernstein L.P. now owns 1,725,211 shares of the semiconductor company's stock worth $739,857,000 after buying an additional 313,218 shares during the last quarter. Hedge funds and other institutional investors own 85.47% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SNPS. The Goldman Sachs Group dropped their target price on shares of Synopsys from $700.00 to $600.00 and set a "buy" rating for the company in a report on Wednesday, September 10th. Piper Sandler cut their price objective on Synopsys from $660.00 to $630.00 and set an "overweight" rating for the company in a research report on Wednesday, September 10th. Rosenblatt Securities reiterated a "neutral" rating and set a $605.00 target price (down previously from $650.00) on shares of Synopsys in a report on Wednesday, September 10th. Stifel Nicolaus cut their price target on Synopsys from $650.00 to $550.00 and set a "buy" rating for the company in a report on Wednesday, September 10th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Synopsys in a research note on Saturday, September 27th. Eleven analysts have rated the stock with a Buy rating, five have given a Hold rating and four have given a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $575.31.

Insider Activity at Synopsys

In other news, CAO Sudhindra Kankanwadi sold 9,873 shares of the stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $500.90, for a total transaction of $4,945,385.70. Following the transaction, the chief accounting officer directly owned 20,520 shares in the company, valued at $10,278,468. This represents a 32.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Sassine Ghazi sold 11,366 shares of the stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $589.01, for a total transaction of $6,694,687.66. Following the transaction, the chief executive officer owned 71,615 shares in the company, valued at approximately $42,181,951.15. The trade was a 13.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 30,894 shares of company stock valued at $16,760,783. Insiders own 0.62% of the company's stock.

Synopsys Price Performance

NASDAQ:SNPS opened at $477.83 on Wednesday. The firm has a market cap of $88.76 billion, a price-to-earnings ratio of 37.51, a price-to-earnings-growth ratio of 5.27 and a beta of 1.10. The company has a current ratio of 1.62, a quick ratio of 1.51 and a debt-to-equity ratio of 0.52. The company's 50-day moving average is $553.70 and its two-hundred day moving average is $510.20. Synopsys, Inc. has a 12-month low of $365.74 and a 12-month high of $651.73.

About Synopsys

Synopsys, Inc provides electronic design automation software products used to design and test integrated circuits. It operates in three segments: Design Automation, Design IP, and Software Integrity. The company offers Digital and Custom IC Design solution that provides digital design implementation solutions; Verification solution that offers virtual prototyping, static and formal verification, simulation, emulation, field programmable gate array (FPGA)-based prototyping, and debug solutions; and FPGA design products that are programmed to perform specific functions.

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