Synopsys rises as source says Elliott builds multibillion-dollar stake

Electronic design automation firm Synopsys SNPS.O gains 1.9% to $428.31 pre-market

Activist investor Elliott Investment Management has built a multibillion-dollar stake in SNPS, a person familiar with the matter told Reuters

The hedge fund told the Wall Street Journal, which first reported the investment, there is a "clear opportunity for Synopsys' financial performance to more fully reflect the value it delivers"

19 of 25 brokerages rate the stock "buy" or higher, five "hold" and one "sell"; median PT is $540 - LSEG data

As of last close, SNPS was down 10.5% YTD vs a 6.8% decline in Nasdaq .IXIC