Sudhindra Kankanwadi Sells 9,873 Shares of Synopsys (NASDAQ:SNPS) Stock

Key Points

• Sudhindra Kankanwadi, Chief Accounting Officer of Synopsys, sold 9,873 shares at an average price of $500.90, totaling approximately $4.95 million, which reduced their ownership by 32.48%.
• Institutional investors, such as Norges Bank, and GAMMA Investing LLC, have significantly increased their stakes in Synopsys, now representing 85.47% of ownership by institutions and hedge funds.
• Analysts have adjusted their target prices for Synopsys stock, with the consensus now ranging from $535 to $600 resulting in a mixed rating of holds, buys, and sells among investment firms.

Synopsys, Inc. (NASDAQ:SNPS - Get Free Report) CAO Sudhindra Kankanwadi sold 9,873 shares of Synopsys stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $500.90, for a total value of $4,945,385.70. Following the sale, the chief accounting officer owned 20,520 shares in the company, valued at $10,278,468. This trade represents a 32.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link.

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

• On Friday, September 19th, Sudhindra Kankanwadi sold 6,000 shares of Synopsys stock. The stock was sold at an average price of $482.00, for a total value of $2,892,000.00.

Synopsys Stock Performance

NASDAQ:SNPS traded down $21.84 during trading hours 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 company has a debt-to-equity ratio of 0.52, a quick ratio of 1.51 and a current ratio of 1.62. The stock has a 50 day simple moving average of $579.33 and a 200 day simple moving average of $507.65. Synopsys, Inc. has a 12-month low of $365.74 and a 12-month high of $651.73. The stock has a market cap of $91.57 billion, a P/E ratio of 38.65, a price-to-earnings-growth ratio of 5.60 and a beta of 1.14.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in shares of Synopsys during the second quarter worth about $647,964,000. GAMMA Investing LLC increased its stake in shares of Synopsys by 54,286.0% during the first quarter. GAMMA Investing LLC now owns 1,196,492 shares of the semiconductor company's stock worth $513,116,000 after purchasing an additional 1,194,292 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Synopsys during the first quarter worth about $341,480,000. Pictet Asset Management Holding SA grew its stake in Synopsys by 38.3% during the 1st quarter. Pictet Asset Management Holding SA now owns 2,432,596 shares of the semiconductor company's stock valued at $1,043,518,000 after acquiring an additional 673,837 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its stake in Synopsys by 29.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 2,598,874 shares of the semiconductor company's stock valued at $1,333,095,000 after acquiring an additional 585,494 shares in the last quarter. 85.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently commented on SNPS. JPMorgan Chase & Co. reduced their target price on Synopsys from $685.00 to $600.00 and set an "overweight" rating for the company in a research report on Wednesday, September 10th. Wells Fargo & Company dropped their price target on Synopsys from $630.00 to $550.00 and set an "equal weight" rating for the company in a research note on Wednesday, September 10th. Robert W. Baird reaffirmed a "neutral" rating and set a $535.00 price target (down previously from $670.00) on shares of Synopsys in a research note on Wednesday, September 10th. Piper Sandler dropped their price target on Synopsys from $660.00 to $630.00 and set an "overweight" rating for the company in a research note on Wednesday, September 10th. Finally, Wall Street Zen lowered Synopsys from a "hold" rating to a "sell" rating in a research note on Saturday, September 13th. Eleven investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus 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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