Rafferty Asset Management LLC Trims Position in Synopsys, Inc. (NASDAQ:SNPS)

Rafferty Asset Management LLC lessened its stake in Synopsys, Inc. (NASDAQ:SNPSGet Rating) by 16.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 41,404 shares of the semiconductor company’s stock after selling 7,859 shares during the period. Rafferty Asset Management LLC’s holdings in Synopsys were worth $12,574,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. Victory Capital Management Inc. grew its holdings in Synopsys by 0.9% during the 1st quarter. Victory Capital Management Inc. now owns 452,118 shares of the semiconductor company’s stock worth $144,302,000 after acquiring an additional 3,846 shares in the last quarter. State of Michigan Retirement System grew its holdings in Synopsys by 0.8% during the 1st quarter. State of Michigan Retirement System now owns 38,727 shares of the semiconductor company’s stock worth $12,907,000 after acquiring an additional 304 shares in the last quarter. Aptus Capital Advisors LLC bought a new position in Synopsys during the 1st quarter worth about $256,000. Motley Fool Asset Management LLC grew its holdings in Synopsys by 3.8% during the 1st quarter. Motley Fool Asset Management LLC now owns 4,131 shares of the semiconductor company’s stock worth $1,377,000 after acquiring an additional 151 shares in the last quarter. Finally, Savant Capital LLC bought a new position in Synopsys during the 1st quarter worth about $209,000. Hedge funds and other institutional investors own 84.99% of the company’s stock.

Wall Street Analysts Forecast Growth

SNPS has been the topic of a number of recent analyst reports. Edward Jones initiated coverage on shares of Synopsys in a report on Wednesday, November 16th. They issued a “hold” rating on the stock. Needham & Company LLC raised their price target on shares of Synopsys from $380.00 to $420.00 and gave the company a “buy” rating in a report on Thursday, August 18th. KeyCorp raised their price target on shares of Synopsys from $445.00 to $455.00 and gave the company an “overweight” rating in a report on Thursday, August 18th. Wells Fargo & Company lowered their price target on shares of Synopsys from $425.00 to $400.00 and set an “overweight” rating on the stock in a report on Tuesday. Finally, StockNews.com initiated coverage on shares of Synopsys in a report on Wednesday, October 12th. They issued a “buy” rating on the stock. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $404.54.

Synopsys Stock Performance

SNPS stock traded up $7.33 during trading on Thursday, reaching $334.29. The company had a trading volume of 395,895 shares, compared to its average volume of 864,765. The firm has a 50-day simple moving average of $304.21 and a 200-day simple moving average of $318.39. The company has a market cap of $51.12 billion, a price-to-earnings ratio of 50.73, a price-to-earnings-growth ratio of 2.83 and a beta of 1.18. Synopsys, Inc. has a twelve month low of $255.02 and a twelve month high of $391.17.

Synopsys announced that its board has approved a share repurchase program on Thursday, September 1st that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 2.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Synopsys Profile

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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.

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Institutional Ownership by Quarter for Synopsys (NASDAQ:SNPS)

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