Here’s Why Synopsys (SNPS) Rose in Q3

Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Mid Cap Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, mid-cap stocks had negative returns, reversing their positive returns in the first half of the year. The Russell Midcap Growth Index was down 5.22% slightly trailing the Russell Midcap Value Index which was down 4.46%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Carillon Eagle Mid Cap Growth Fund highlighted stocks like Synopsys, Inc. (NASDAQ:SNPS) in the third quarter 2023 investor letter. Headquartered in Mountain View, California, Synopsys, Inc. (NASDAQ:SNPS) provides software products and consulting services in the electronic design automation industry. On October 25, 2023, Synopsys, Inc. (NASDAQ:SNPS) stock closed at $455.26 per share. One-month return of Synopsys, Inc. (NASDAQ:SNPS) was -1.18%, and its shares gained 57.43% of their value over the last 52 weeks. Synopsys, Inc. (NASDAQ:SNPS) has a market capitalization of $69.238 billion.

Carillon Eagle Mid Cap Growth Fund made the following comment about Synopsys, Inc. (NASDAQ:SNPS) in its Q3 2023 investor letter:

“Synopsys, Inc. (NASDAQ:SNPS) provides semiconductor development software. The company has been executing well and investors have appreciated the steady growth and increasing margins and cash flow. Furthermore, investors were attracted to the new tools the company is releasing to help companies use artificial intelligence (AI) to improve their semiconductor development projects.”

A software developer testing an application on a mobile device. Editorial photo for a financial news article. 8k. –ar 16:9

Synopsys, Inc. (NASDAQ:SNPS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 57 hedge fund portfolios held Synopsys, Inc. (NASDAQ:SNPS) at the end of second quarter which was 39 in the previous quarter.

We discussed Synopsys, Inc. (NASDAQ:SNPS) in another article and shared Aristotle Large Cap Growth Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.