Cathie Wood is Getting Rid of These 5 Stocks

3. Synopsys, Inc. (NASDAQ: SNPS)

Number of Hedge Fund Holders: 41

Percentage Decline in Stake in Q2: 90%

Synopsys, Inc. (NASDAQ: SNPS) is a California-based company that markets electronic design automation software products. It is ranked third on our list of 10 stocks Cathie Wood is getting rid of. Latest data shows that ARK Investment Management owned 157,033 shares in the company at the end of June 2021, representing 0.08% of the portfolio. The shares are worth $43.3 million. The fund has decreased stake in the company by 90% compared to the first quarter of 2021. 

On August 19, investment advisory KeyBanc maintained an Overweight rating on Synopsys, Inc. (NASDAQ: SNPS) stock and raised the price target $347 from #320, noting that the firm had raised a long-term growth framework to double-digit annual growth. 

Out of the hedge funds being tracked by Insider Monkey, New York-based firm Alkeon Capital Management is a leading shareholder in Synopsys, Inc. (NASDAQ: SNPS) with 2.7 million shares worth more than $746 million.