Synopsys (NASDAQ:SNPS) Sets New 52-Week Low Following Insider Selling

Synopsys, Inc. (NASDAQ:SNPS) hit a new 52-week low during trading on Monday following insider selling activity. The company traded as low as $427.30 and last traded at $433.81, with a volume of 1194222 shares traded. The stock had previously closed at $450.88.

Specifically, insider Geus Aart De sold 15,705 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $444.42, for a total transaction of $6,979,616.10. Following the transaction, the insider now directly owns 116,671 shares of the company’s stock, valued at approximately $51,850,925.82. The trade was a 11.86 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sassine Ghazi sold 11,366 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $463.75, for a total value of $5,270,982.50. Following the sale, the chief executive officer now directly owns 70,922 shares of the company’s stock, valued at $32,890,077.50. This represents a 13.81 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SNPS. Redburn Atlantic began coverage on shares of Synopsys in a research report on Monday, January 13th. They issued a “buy” rating and a $600.00 price objective on the stock. Rosenblatt Securities restated a “buy” rating and set a $660.00 price objective on shares of Synopsys in a research report on Tuesday, February 25th. Wells Fargo & Company decreased their target price on Synopsys from $540.00 to $520.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 27th. Piper Sandler dropped their price target on Synopsys from $655.00 to $653.00 and set an “overweight” rating for the company in a report on Thursday, February 27th. Finally, Morgan Stanley decreased their price objective on Synopsys from $625.00 to $590.00 and set an “overweight” rating on the stock in a report on Monday, February 24th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Synopsys currently has an average rating of “Moderate Buy” and a consensus price target of $638.58.

Synopsys Stock Down 4.5 %

The firm has a market capitalization of $66.56 billion, a P/E ratio of 29.61, a PEG ratio of 3.23 and a beta of 1.16. The business’s 50 day moving average is $501.21 and its 200-day moving average is $511.66.

Hedge Funds Weigh In On Synopsys

Several hedge funds and other institutional investors have recently modified their holdings of the business. Advisors Capital Management LLC boosted its stake in Synopsys by 2.3% in the fourth quarter. Advisors Capital Management LLC now owns 840 shares of the semiconductor company’s stock valued at $408,000 after buying an additional 19 shares in the last quarter. Caprock Group LLC lifted its holdings in shares of Synopsys by 0.5% in the fourth quarter. Caprock Group LLC now owns 3,714 shares of the semiconductor company’s stock worth $1,803,000 after acquiring an additional 20 shares during the last quarter. Compagnie Lombard Odier SCmA boosted its stake in shares of Synopsys by 1.1% in the 4th quarter. Compagnie Lombard Odier SCmA now owns 1,850 shares of the semiconductor company’s stock valued at $898,000 after purchasing an additional 20 shares in the last quarter. Edge Capital Group LLC boosted its stake in shares of Synopsys by 1.2% in the 4th quarter. Edge Capital Group LLC now owns 1,629 shares of the semiconductor company’s stock valued at $791,000 after purchasing an additional 20 shares in the last quarter. Finally, Barden Capital Management Inc. grew its holdings in shares of Synopsys by 1.1% during the 4th quarter. Barden Capital Management Inc. now owns 1,832 shares of the semiconductor company’s stock valued at $889,000 after purchasing an additional 20 shares during the last quarter. Institutional investors own 85.47% of the company’s stock.

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.