Insider Selling: Synopsys (NASDAQ:SNPS) CAO Sells 6,000 Shares of Stock

Key Points

• Synopsys CAO Sudhindra Kankanwadi sold 6,000 shares of stock at an average price of $482.00, totaling approximately $2.89 million, reducing his ownership by 22.62%.
• Following these transactions, Synopsys stock experienced a 4.2% decline during midday trading, reaching a price of $492.95.
• Analysts have recently adjusted their price targets for Synopsys, with firms like Piper Sandler and Wells Fargo lowering their estimates significantly to $630.00 and $550.00 respectively.

Synopsys, Inc. (NASDAQ:SNPS - Get Free Report) CAO Sudhindra Kankanwadi sold 6,000 shares of the stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $482.00, for a total value of $2,892,000.00. Following the sale, the chief accounting officer directly owned 20,520 shares of the company's stock, valued at $9,890,640. The trade was a 22.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Sudhindra Kankanwadi also recently made the following trade(s):

• On Monday, September 22nd, Sudhindra Kankanwadi sold 9,873 shares of Synopsys stock. The stock was sold at an average price of $500.90, for a total value of $4,945,385.70.

Synopsys Trading Down 4.2%

Synopsys stock traded down $21.84 during midday trading on Tuesday, reaching $492.95. The stock had a trading volume of 2,028,717 shares, compared to its average volume of 1,744,307. The stock's 50-day simple moving average is $579.33 and its 200 day simple moving average is $507.65. The stock has a market capitalization of $91.57 billion, a PE ratio of 38.65, a price-to-earnings-growth ratio of 5.60 and a beta of 1.14. Synopsys, Inc. has a twelve month low of $365.74 and a twelve month high of $651.73. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.51 and a current ratio of 1.62.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SNPS. Piper Sandler lowered their target price on Synopsys from $660.00 to $630.00 and set an "overweight" rating for the company in a report on Wednesday, September 10th. Wells Fargo & Company decreased their price target on shares of Synopsys from $630.00 to $550.00 and set an "equal weight" rating for the company in a report on Wednesday, September 10th. The Goldman Sachs Group dropped their price objective 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. JPMorgan Chase & Co. reduced their price target on shares of Synopsys from $685.00 to $600.00 and set an "overweight" rating on the stock in a research report on Wednesday, September 10th. Finally, Wall Street Zen lowered shares of Synopsys from a "hold" rating to a "sell" rating in a research note on Saturday, September 13th. Eleven equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $585.33.

Hedge Funds Weigh In On Synopsys

Several hedge funds have recently bought and sold shares of the company. Cornerstone Planning Group LLC raised its holdings in Synopsys by 275.0% during the 1st 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 last quarter. Saudi Central Bank bought a new position in shares of Synopsys in the 1st quarter worth approximately $26,000. Clal Insurance Enterprises Holdings Ltd grew its holdings in Synopsys by 441.7% during the 1st 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 in the last quarter. Independence Bank of Kentucky grew its holdings in shares of Synopsys by 120.0% in the second quarter. Independence Bank of Kentucky now owns 55 shares of the semiconductor company's stock valued at $28,000 after purchasing an additional 30 shares in the last quarter. Finally, Ameriflex Group Inc. purchased a new position in Synopsys during the fourth quarter worth $29,000. Hedge funds and other institutional investors own 85.47% of the company's stock.

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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