State of Alaska Department of Revenue Decreases Stock Holdings in Synopsys, Inc. $SNPS

Key Points

• The State of Alaska Department of Revenue reduced its stock holdings in Synopsys, Inc. (NASDAQ:SNPS) by 4.0%, selling 725 shares and bringing its total to 17,367 shares valued at approximately $8.9 million.
• Recent modifications in Synopsys holdings by institutional investors include a notable 275.0% increase by Cornerstone Planning Group in the first quarter, indicating fluctuating interest among hedge funds.
• Analysts have lowered price targets for Synopsys, with KeyCorp reducing its goal from $660 to $590, highlighting recent bearish market sentiment despite eleven analysts still rating the stock as a Buy.

State of Alaska Department of Revenue decreased its position in Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 4.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,367 shares of the semiconductor company's stock after selling 725 shares during the quarter. State of Alaska Department of Revenue's holdings in Synopsys were worth $8,903,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Cornerstone Planning Group LLC increased its position in shares of Synopsys by 275.0% during the first quarter. Cornerstone Planning Group LLC now owns 60 shares of the semiconductor company's stock valued at $25,000 after buying an additional 44 shares during the period. Saudi Central Bank purchased a new position in shares of Synopsys during the first quarter valued at about $26,000. Clal Insurance Enterprises Holdings Ltd increased its position in shares of Synopsys by 441.7% during the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 65 shares of the semiconductor company's stock valued at $28,000 after buying an additional 53 shares during the period. WPG Advisers LLC purchased a new position in shares of Synopsys during the first quarter valued at about $34,000. Finally, Cloud Capital Management LLC purchased a new position in shares of Synopsys during the first quarter valued at about $36,000. Hedge funds and other institutional investors own 85.47% of the company's stock.

Synopsys Stock Performance

Shares of NASDAQ SNPS opened at $487.76 on Friday. The firm has a fifty day moving average price of $571.71 and a 200-day moving average price of $508.57. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.62 and a quick ratio of 1.51. The stock has a market cap of $90.60 billion, a PE ratio of 38.29, a price-to-earnings-growth ratio of 5.51 and a beta of 1.14. Synopsys, Inc. has a 1 year low of $365.74 and a 1 year high of $651.73.

Analyst Ratings Changes

Several research firms recently commented on SNPS. KeyCorp dropped their price objective on shares of Synopsys from $660.00 to $590.00 and set an "overweight" rating on the stock in a research note on Wednesday, September 10th. Robert W. Baird reissued a "neutral" rating and set a $535.00 price objective (down previously from $670.00) on shares of Synopsys in a research note on Wednesday, September 10th. Zacks Research lowered shares of Synopsys from a "hold" rating to a "strong sell" rating in a research note on Friday, September 12th. Wall Street Zen lowered shares of Synopsys from a "hold" rating to a "sell" rating in a research note on Saturday, September 13th. Finally, Rosenblatt Securities reissued a "neutral" rating and set a $605.00 price objective (down previously from $650.00) on shares of Synopsys in a research note on Wednesday, September 10th. Eleven investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $585.33.

Insider Buying and Selling at Synopsys

In related news, CAO Sudhindra Kankanwadi sold 9,873 shares of the firm's stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $500.90, for a total value of $4,945,385.70. Following the transaction, the chief accounting officer owned 20,520 shares of the company's stock, valued at $10,278,468. This trade represents a 32.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Sassine Ghazi sold 11,366 shares of the firm's 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 completion of the transaction, the chief executive officer directly owned 71,615 shares in the company, valued at $42,181,951.15. This represents a 13.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 30,894 shares of company stock worth $16,760,783 over the last three months. 0.62% of the stock is owned by company insiders.

Synopsys Company Profile

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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