Allspring Global Investments Holdings LLC Reduces Stock Position in Synopsys, Inc. (NASDAQ:SNPS)

Allspring Global Investments Holdings LLC reduced its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS – Get Rating) by 25.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 171,950 shares of the semiconductor company’s stock after selling 58,955 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.11% of Synopsys worth $52,531,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of SNPS. Cibc World Market Inc. lifted its stake in shares of Synopsys by 58.8% during the 1st quarter. Cibc World Market Inc. now owns 11,893 shares of the semiconductor company’s stock valued at $3,964,000 after buying an additional 4,402 shares in the last quarter. Prudential PLC purchased a new stake in Synopsys in the 1st quarter worth approximately $993,000. Sequoia Financial Advisors LLC purchased a new stake in Synopsys in the 1st quarter worth approximately $240,000. Covestor Ltd lifted its stake in Synopsys by 18.9% in the 1st quarter. Covestor Ltd now owns 271 shares of the semiconductor company’s stock worth $90,000 after purchasing an additional 43 shares in the last quarter. Finally, Mather Group LLC. lifted its stake in Synopsys by 64.4% in the 1st quarter. Mather Group LLC. now owns 1,680 shares of the semiconductor company’s stock worth $560,000 after purchasing an additional 658 shares in the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SNPS. KeyCorp increased their target price on shares of Synopsys from $455.00 to $467.00 and gave the stock an “overweight” rating in a research note on Thursday, December 1st. Edward Jones began coverage on shares of Synopsys in a research note on Wednesday, November 16th. They issued a “hold” rating on the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of Synopsys in a research note on Wednesday, September 28th. They issued a “buy” rating and a $420.00 target price on the stock. Bank of America upgraded shares of Synopsys from a “neutral” rating to a “buy” rating and set a $410.00 price objective on the stock in a research report on Friday, December 16th. Finally, StockNews.com started coverage on shares of Synopsys in a research report on Wednesday, October 12th. They set a “buy” rating on the stock. Two equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Synopsys presently has a consensus rating of “Moderate Buy” and a consensus target price of $420.55.

Insider Activity at Synopsys

In other Synopsys news, COO Sassine Ghazi sold 29,136 shares of the firm’s stock in a transaction on Tuesday, January 3rd. The shares were sold at an average price of $319.46, for a total value of $9,307,786.56. Following the sale, the chief operating officer now owns 52,609 shares of the company’s stock, valued at approximately $16,806,471.14. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.20% of the stock is owned by insiders.

Synopsys Stock Performance

SNPS stock opened at $320.54 on Friday. Synopsys, Inc. has a 52 week low of $255.02 and a 52 week high of $391.17. The firm’s fifty day moving average is $320.76 and its 200 day moving average is $324.64. The firm has a market cap of $48.86 billion, a P/E ratio of 50.88, a P/E/G ratio of 2.60 and a beta of 1.20.

Synopsys (NASDAQ:SNPS – Get Rating) last released its earnings results on Wednesday, November 30th. The semiconductor company reported $0.99 EPS for the quarter, missing the consensus estimate of $1.11 by ($0.12). Synopsys had a net margin of 19.38% and a return on equity of 17.24%. The business had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.28 billion. As a group, analysts forecast that Synopsys, Inc. will post 7.81 EPS for the current year.

About Synopsys

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Synopsys, Inc provides electronic design automation software products used to design and test integrated circuits. The company offers Fusion Design Platform that provides digital design implementation solutions; Verification Continuum Platform that provides 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.