QRG Capital Management Inc. Sells 21,527 Shares of Synopsys, Inc. $SNPS

Key Points

• QRG Capital Management Inc. reduced its holdings in Synopsys, Inc. (NASDAQ:SNPS) by 52.4%, selling 21,527 shares in the second quarter, leaving it with 19,538 shares valued at approximately $10 million.
• Several hedge funds have increased their positions in Synopsys, with Cornerstone Planning Group LLC growing its stake by 275%, while institutional investors now hold 85.47% of the company's stock.
• Analyst ratings for Synopsys have changed, with Mizuho lowering its price objective from $700 to $600 and the consensus rating remaining at "Hold" with an average price target of $575.31.

QRG Capital Management Inc. lessened its holdings in Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 52.4% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 19,538 shares of the semiconductor company's stock after selling 21,527 shares during the quarter. QRG Capital Management Inc.'s holdings in Synopsys were worth $10,017,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of SNPS. Cornerstone Planning Group LLC grew its position in Synopsys by 275.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 60 shares of the semiconductor company's stock valued at $25,000 after acquiring an additional 44 shares during the last quarter. Saudi Central Bank bought a new position in Synopsys in the first quarter worth approximately $26,000. Clal Insurance Enterprises Holdings Ltd grew its stake in Synopsys by 441.7% in the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 65 shares of the semiconductor company's stock worth $28,000 after purchasing an additional 53 shares in the last quarter. Independence Bank of Kentucky grew its stake in Synopsys by 120.0% in the second quarter. Independence Bank of Kentucky now owns 55 shares of the semiconductor company's stock worth $28,000 after purchasing an additional 30 shares in the last quarter. Finally, WPG Advisers LLC bought a new position in Synopsys in the first quarter worth approximately $34,000. Institutional investors own 85.47% of the company's stock.

Synopsys Price Performance

NASDAQ:SNPS opened at $469.17 on Friday. Synopsys, Inc. has a 52 week low of $365.74 and a 52 week high of $651.73. The company has a quick ratio of 1.51, a current ratio of 1.62 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $87.15 billion, a PE ratio of 36.83, a price-to-earnings-growth ratio of 5.17 and a beta of 1.10. The stock's 50-day moving average price is $559.15 and its 200-day moving average price is $509.81.

Insiders Place Their Bets

In other news, CAO Sudhindra Kankanwadi sold 9,873 shares of the firm's stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $500.90, for a total transaction of $4,945,385.70. Following the sale, the chief accounting officer directly owned 20,520 shares in the company, valued at $10,278,468. This trade represents a 32.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert G. Painter bought 350 shares of the company's stock in a transaction dated Thursday, September 11th. The shares were acquired at an average price of $425.44 per share, for a total transaction of $148,904.00. Following the completion of the transaction, the director directly owned 2,291 shares in the company, valued at approximately $974,683.04. This trade represents a 18.03% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 30,894 shares of company stock valued at $16,760,783 over the last quarter. Insiders own 0.62% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Mizuho dropped their price objective on Synopsys from $700.00 to $600.00 and set an "outperform" rating on the stock in a research note on Thursday, September 11th. Wells Fargo & Company dropped their price objective on Synopsys from $630.00 to $550.00 and set an "equal weight" rating on the stock in a research note on Wednesday, September 10th. Piper Sandler dropped their price objective on Synopsys from $660.00 to $630.00 and set an "overweight" rating on the stock in a research note on Wednesday, September 10th. Citigroup lowered Synopsys from a "neutral" rating to an "underperform" rating in a report on Wednesday, September 10th. Finally, Rosenblatt Securities restated 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. Eleven equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $575.31.

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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