Allstate Corp Invests $2.20 Million in Synopsys, Inc. (NASDAQ:SNPS)

Allstate Corp acquired a new position in Synopsys, Inc. (NASDAQ:SNPS) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 4,533 shares of the semiconductor company’s stock, valued at approximately $2,200,000.

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

Synopsys Trading Down 1.9 %

SNPS opened at $437.95 on Friday. Synopsys, Inc. has a 1-year low of $425.73 and a 1-year high of $624.80. The firm has a 50-day moving average price of $485.62 and a two-hundred day moving average price of $505.55. The stock has a market capitalization of $67.72 billion, a PE ratio of 30.16, a PEG ratio of 3.23 and a beta of 1.16.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SNPS. Piper Sandler decreased their target price 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. Robert W. Baird lowered their price objective on Synopsys from $644.00 to $630.00 and set an “outperform” rating on the stock in a research note on Thursday, December 5th. Redburn Atlantic initiated coverage on Synopsys in a research report on Monday, January 13th. They set a “buy” rating and a $600.00 target price for the company. Rosenblatt Securities reaffirmed a “buy” rating and issued a $660.00 price target on shares of Synopsys in a research note on Tuesday, February 25th. Finally, Morgan Stanley dropped their price objective on Synopsys from $625.00 to $590.00 and set an “overweight” rating for the company in a research note on Monday, February 24th. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $638.58.

Insider Buying and Selling

In other news, insider Geus Aart De sold 15,705 shares of Synopsys stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $444.42, for a total value of $6,979,616.10. Following the completion of the sale, the insider now directly owns 116,671 shares of the company’s stock, valued at approximately $51,850,925.82. This trade represents a 11.86 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sassine Ghazi sold 11,366 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were 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 directly owns 70,922 shares in the company, valued at $32,890,077.50. This trade represents a 13.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 47,909 shares of company stock worth $22,794,835 in the last quarter. Insiders own 0.62% of the company’s stock.

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.