Envestnet Portfolio Solutions Inc. Sells 104 Shares of Synopsys, Inc. (NASDAQ:SNPS)

Envestnet Portfolio Solutions Inc. cut its stake in shares of Synopsys, Inc. (NASDAQ:SNPS) by 0.8% in the fourth quarter, HoldingsChannel reports. The fund owned 13,359 shares of the semiconductor company’s stock after selling 104 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Synopsys were worth $6,484,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Kieckhefer Group LLC bought a new position in shares of Synopsys during the 4th quarter valued at approximately $27,000. Whipplewood Advisors LLC bought a new position in shares of Synopsys during the 4th quarter valued at approximately $33,000. Sierra Ocean LLC bought a new position in shares of Synopsys during the 4th quarter valued at approximately $39,000. Newbridge Financial Services Group Inc. bought a new position in shares of Synopsys during the 4th quarter valued at approximately $51,000. Finally, Versant Capital Management Inc grew its stake in shares of Synopsys by 109.3% during the 4th quarter. Versant Capital Management Inc now owns 113 shares of the semiconductor company’s stock valued at $55,000 after acquiring an additional 59 shares during the period. 85.47% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Redburn Atlantic started coverage on Synopsys in a research note on Monday, January 13th. They set a “buy” rating and a $600.00 price objective for the company. Wells Fargo & Company dropped their price target on Synopsys from $540.00 to $520.00 and set an “equal weight” rating for the company in a research note on Thursday, February 27th. Needham & Company LLC restated a “buy” rating and issued a $650.00 price target on shares of Synopsys in a research note on Thursday, February 27th. Robert W. Baird dropped their price target on Synopsys from $644.00 to $630.00 and set an “outperform” rating for the company in a research note on Thursday, December 5th. Finally, Morgan Stanley dropped their price target on Synopsys from $625.00 to $590.00 and set an “overweight” rating for the company in a research note on Monday, February 24th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $638.58.

Synopsys Stock Performance

NASDAQ:SNPS opened at $453.51 on Tuesday. The stock’s fifty day moving average is $494.94 and its 200 day moving average is $507.85. Synopsys, Inc. has a fifty-two week low of $425.73 and a fifty-two week high of $624.80. The firm has a market capitalization of $70.12 billion, a PE ratio of 31.23, a PEG ratio of 3.23 and a beta of 1.16.

Insider Activity at Synopsys

In other Synopsys news, CRO Richard S. Mahoney sold 20,838 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $506.01, for a total value of $10,544,236.38. Following the transaction, the executive now owns 1,460 shares of the company’s stock, valued at $738,774.60. This represents a 93.45 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Sassine Ghazi sold 11,366 shares of the company’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 completion of the transaction, the chief executive officer now directly owns 70,922 shares in the company, valued at $32,890,077.50. This trade represents a 13.81 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 47,909 shares of company stock worth $22,794,835. Company insiders own 0.62% of the company’s stock.

Synopsys Company Profile

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.