Synopsys rises as source says Elliott builds multibillion-dollar stake

Electronic design automation firm Synopsys SNPS.O gains 5% to $440.79

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, that 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 - data compiled by LSEG

Including session's move, SNPS is down about 6% YTD vs a 4.8% decline in Nasdaq .IXIC