Park Avenue Securities LLC Sells 1,976 Shares of Synopsys, Inc. $SNPS

Key Points

• Park Avenue Securities LLC has reduced its stake in Synopsys, Inc. by 17.6%, selling 1,976 shares and leaving it with 9,241 shares worth approximately $4.74 million.
• Several institutional investors, including IFM Investors Pty Ltd and Sowell Financial Services LLC, have adjusted their positions in Synopsys, reflecting a growing interest among hedge funds.
• The stock of Synopsys, trading at approximately $514.79, has seen various brokerage target price adjustments, with JPMorgan Chase & Co. lowering their target to $600.00 while still maintaining an "overweight" rating.

Park Avenue Securities LLC trimmed its position in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 17.6% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,241 shares of the semiconductor company's stock after selling 1,976 shares during the quarter. Park Avenue Securities LLC's holdings in Synopsys were worth $4,738,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Sowell Financial Services LLC raised its position in shares of Synopsys by 4.0% during the second quarter. Sowell Financial Services LLC now owns 992 shares of the semiconductor company's stock worth $509,000 after purchasing an additional 38 shares during the period. Bouvel Investment Partners LLC raised its position in shares of Synopsys by 1.3% during the second quarter. Bouvel Investment Partners LLC now owns 7,968 shares of the semiconductor company's stock worth $4,085,000 after purchasing an additional 103 shares during the period. CMH Wealth Management LLC acquired a new position in shares of Synopsys during the second quarter worth approximately $5,498,000. Diversified Trust Co raised its position in shares of Synopsys by 11.5% during the second quarter. Diversified Trust Co now owns 3,627 shares of the semiconductor company's stock worth $1,859,000 after purchasing an additional 374 shares during the period. Finally, IFM Investors Pty Ltd raised its position in shares of Synopsys by 25.4% during the second quarter. IFM Investors Pty Ltd now owns 36,414 shares of the semiconductor company's stock worth $18,669,000 after purchasing an additional 7,380 shares during the period. 85.47% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Synopsys

In other news, CFO Shelagh Glaser sold 3,655 shares of the stock in a transaction on Friday, September 5th. The stock was sold at an average price of $609.77, for a total transaction of $2,228,709.35. Following the completion of the transaction, the chief financial officer owned 15,317 shares in the company, valued at approximately $9,339,847.09. This represents a 19.27% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sassine Ghazi sold 11,366 shares of the stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $589.01, for a total value of $6,694,687.66. Following the transaction, the chief executive officer owned 71,615 shares of the company's stock, valued at $42,181,951.15. The trade was a 13.70% decrease in their position. The disclosure for this sale can be found here. 0.62% of the stock is owned by corporate insiders.

Synopsys Stock Up 3.9%

SNPS stock opened at $514.79 on Tuesday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.51 and a current ratio of 1.62. The company has a market capitalization of $95.62 billion, a price-to-earnings ratio of 40.41, a PEG ratio of 5.60 and a beta of 1.14. Synopsys, Inc. has a fifty-two week low of $365.74 and a fifty-two week high of $651.73. The stock has a fifty day moving average of $579.33 and a 200-day moving average of $507.65.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on SNPS. JPMorgan Chase & Co. lowered their target price on Synopsys from $685.00 to $600.00 and set an "overweight" rating on the stock in a research report on Wednesday, September 10th. KeyCorp lowered their price target on Synopsys from $660.00 to $590.00 and set an "overweight" rating for the company in a research report on Wednesday, September 10th. Bank of America reissued an "underperform" rating and issued a $525.00 price target (down from $625.00) on shares of Synopsys in a research report on Wednesday, September 10th. Piper Sandler lowered their price target on Synopsys from $660.00 to $630.00 and set an "overweight" rating for the company in a research report on Wednesday, September 10th. Finally, Zacks Research lowered Synopsys from a "hold" rating to a "strong sell" rating in a research report on Friday, September 12th. Eleven equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $585.33.

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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