Alliancebernstein L.P. Has $739.86 Million Stock Position in Synopsys, Inc. $SNPS

Key Points

• Alliancebernstein L.P. increased its holdings in Synopsys, Inc. by 22.2% during the first quarter, now owning approximately 1.12% of the company, valued at about $739.9 million.
• The stock has received multiple price target increases from brokerages, with Piper Sandler setting a new target of $660.00, reflecting analysts' positive outlook.
• Recent insider trades indicate a decrease in ownership for top executives, with the CRO selling 9,010 shares and the CFO selling 7,310 shares at significant values.

Alliancebernstein L.P. increased its stake in Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 22.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,725,211 shares of the semiconductor company's stock after purchasing an additional 313,218 shares during the period. Alliancebernstein L.P. owned 1.12% of Synopsys worth $739,857,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Ameriflex Group Inc. bought a new stake in shares of Synopsys in the 4th quarter worth approximately $29,000. Cornerstone Planning Group LLC lifted its holdings in shares of Synopsys by 275.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 60 shares of the semiconductor company's stock worth $25,000 after purchasing an additional 44 shares during the last quarter. Saudi Central Bank acquired a new stake in Synopsys in the 1st quarter valued at approximately $26,000. Clal Insurance Enterprises Holdings Ltd increased its position in Synopsys by 441.7% in the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 65 shares of the semiconductor company's stock valued at $28,000 after acquiring an additional 53 shares during the period. Finally, WPG Advisers LLC acquired a new stake in Synopsys in the 1st quarter valued at approximately $34,000. Institutional investors own 85.47% of the company's stock.

Insider Activity

In other Synopsys news, CRO Richard S. Mahoney sold 9,010 shares of the company's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $471.21, for a total value of $4,245,602.10. Following the transaction, the executive directly owned 1,485 shares of the company's stock, valued at $699,746.85. This represents a 85.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Sassine Ghazi sold 11,366 shares of the company's stock in a transaction dated 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 completion of the transaction, the chief executive officer directly 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. Corporate insiders own 0.62% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on the company. Morgan Stanley restated an "overweight" rating and issued a $715.00 target price (up from $540.00) on shares of Synopsys in a research report on Monday, August 11th. Needham & Company LLC restated a "buy" rating and issued a $660.00 target price (up from $650.00) on shares of Synopsys in a research report on Tuesday, July 15th. Wells Fargo & Company restated a "positive" rating on shares of Synopsys in a research report on Wednesday, August 27th. Bank of America lifted their price target on Synopsys from $575.00 to $625.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. Finally, Rosenblatt Securities lifted their target price on Synopsys from $625.00 to $650.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Twelve equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Synopsys presently has a consensus rating of "Moderate Buy" and an average price target of $638.21.

Synopsys Stock Up 1.8%

Shares of Synopsys stock traded up $10.99 during midday trading on Monday, hitting $609.13. The company's stock had a trading volume of 637,949 shares, compared to its average volume of 1,397,952. The firm has a market capitalization of $94.51 billion, a P/E ratio of 44.05, a PEG ratio of 3.93 and a beta of 1.14. The stock has a 50-day simple moving average of $594.11 and a 200-day simple moving average of $506.20. The company has a quick ratio of 6.85, a current ratio of 7.02 and a debt-to-equity ratio of 1.01. Synopsys, Inc. has a 1-year low of $365.74 and a 1-year high of $651.73.

Synopsys 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.