CCLA Investment Management Increases Stake in Synopsys, Inc. (NASDAQ:SNPS)

CCLA Investment Management raised its holdings in shares of Synopsys, Inc. (NASDAQ:SNPS) by 22.1% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 285,047 shares of the semiconductor company’s stock after purchasing an additional 51,620 shares during the quarter. Synopsys comprises about 2.2% of CCLA Investment Management’s holdings, making the stock its 13th biggest position. CCLA Investment Management’s holdings in Synopsys were worth $138,222,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Parnassus Investments LLC acquired a new position in Synopsys during the third quarter worth $633,469,000. Edgewood Management LLC raised its position in Synopsys by 18.9% in the third quarter. Edgewood Management LLC now owns 3,069,848 shares of the semiconductor company’s stock valued at $1,554,540,000 after purchasing an additional 487,025 shares during the period. Van ECK Associates Corp increased its position in shares of Synopsys by 26.5% during the 3rd quarter. Van ECK Associates Corp now owns 1,605,001 shares of the semiconductor company’s stock worth $791,923,000 after purchasing an additional 335,993 shares during the last quarter. Impax Asset Management Group plc raised its holdings in Synopsys by 120.2% in the 3rd quarter. Impax Asset Management Group plc now owns 490,723 shares of the semiconductor company’s stock valued at $248,497,000 after buying an additional 267,836 shares during the period. Finally, Wellington Management Group LLP lifted its position in Synopsys by 32.5% in the third quarter. Wellington Management Group LLP now owns 1,048,709 shares of the semiconductor company’s stock valued at $531,056,000 after buying an additional 257,526 shares during the last quarter. 85.47% of the stock is owned by hedge funds and other institutional investors.

Synopsys Stock Performance

Shares of Synopsys stock opened at $490.36 on Wednesday. The company’s fifty day moving average is $522.21 and its two-hundred day moving average is $527.43. Synopsys, Inc. has a 1 year low of $457.52 and a 1 year high of $629.38. The company has a market capitalization of $75.80 billion, a P/E ratio of 33.77, a PEG ratio of 3.41 and a beta of 1.12.

Analysts Set New Price Targets

SNPS has been the subject of several recent research reports. Wells Fargo & Company lowered their price objective on shares of Synopsys from $570.00 to $540.00 and set an “equal weight” rating for the company in a research note on Monday. Redburn Atlantic started coverage on Synopsys in a research report on Monday. They set a “buy” rating and a $600.00 target price on the stock. Loop Capital assumed coverage on Synopsys in a report on Monday, November 11th. They issued a “buy” rating and a $675.00 price target for the company. Piper Sandler cut their price objective on shares of Synopsys from $670.00 to $655.00 and set an “overweight” rating on the stock in a report on Friday, December 6th. Finally, Mizuho initiated coverage on shares of Synopsys in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $650.00 target price for the company. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $641.82.

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.