Allstate Corp Buys Shares of 4,533 Synopsys, Inc. (NASDAQ:SNPS)

Allstate Corp purchased a new stake in Synopsys, Inc. (NASDAQ:SNPS) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 4,533 shares of the semiconductor company’s stock, valued at approximately $2,200,000.

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

Synopsys Stock Performance

Shares of NASDAQ SNPS opened at $437.95 on Friday. The stock has a 50 day moving average price of $485.62 and a 200 day moving average price of $505.55. The stock has a market capitalization of $67.72 billion, a PE ratio of 30.16, a price-to-earnings-growth ratio of 3.23 and a beta of 1.16. Synopsys, Inc. has a 52 week low of $425.73 and a 52 week high of $624.80.

Insider Activity

In other news, CRO Richard S. Mahoney sold 20,838 shares of the company’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $506.01, for a total value of $10,544,236.38. Following the sale, the executive now directly owns 1,460 shares of the company’s stock, valued at approximately $738,774.60. This represents a 93.45 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sassine Ghazi sold 11,366 shares of Synopsys stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $463.75, for a total value of $5,270,982.50. Following the transaction, the chief executive officer now owns 70,922 shares of the company’s stock, valued at $32,890,077.50. The trade was a 13.81 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 47,909 shares of company stock valued at $22,794,835. 0.62% of the stock is owned by insiders.

Analysts Set New Price Targets

SNPS has been the topic of a number of research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $650.00 price target on shares of Synopsys in a research report on Thursday, February 27th. Morgan Stanley cut their price target on shares of Synopsys from $625.00 to $590.00 and set an “overweight” rating on the stock in a research note on Monday, February 24th. Rosenblatt Securities reissued a “buy” rating and set a $660.00 price objective on shares of Synopsys in a research report on Tuesday, February 25th. Piper Sandler cut their price objective on shares of Synopsys from $655.00 to $653.00 and set an “overweight” rating on the stock in a research report on Thursday, February 27th. Finally, Redburn Atlantic began coverage on Synopsys in a report on Monday, January 13th. They set a “buy” rating and a $600.00 target price for the company. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $638.58.

Synopsys 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.