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

Allstate Corp bought a new position in Synopsys, Inc. (NASDAQ:SNPS - Free Report) in the fourth quarter, according to its most recent filing with the SEC. The firm bought 4,533 shares of the semiconductor company's stock, valued at approximately $2,200,000.

Several other large investors also recently bought and sold shares of the stock. Kieckhefer Group LLC purchased a new position in shares of Synopsys in the fourth quarter worth about $27,000. Whipplewood Advisors LLC acquired a new position in Synopsys in the 4th quarter worth approximately $33,000. Sierra Ocean LLC purchased a new position in Synopsys during the 4th quarter worth approximately $39,000. Newbridge Financial Services Group Inc. acquired a new stake in Synopsys during the 4th quarter valued at approximately $51,000. Finally, Versant Capital Management Inc boosted its holdings in shares of 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 acquiring an additional 59 shares during the last quarter. Hedge funds and other institutional investors own 85.47% of the company's stock.

Synopsys Stock Up 1.7 %

Shares of Synopsys stock traded up $7.09 on Tuesday, reaching $435.94. The company's stock had a trading volume of 985,635 shares, compared to its average volume of 1,049,297. Synopsys, Inc. has a 52-week low of $423.08 and a 52-week high of $624.80. The company has a market capitalization of $67.41 billion, a P/E ratio of 30.02, a PEG ratio of 3.23 and a beta of 1.16. The stock has a 50-day moving average price of $483.67 and a 200-day moving average price of $505.29.

Remove Ads

Analysts Set New Price Targets

SNPS has been the subject of several recent research reports. Rosenblatt Securities reissued a "buy" rating and set a $660.00 target price on shares of Synopsys in a report on Tuesday, February 25th. Morgan Stanley reduced 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. Redburn Atlantic began coverage on Synopsys in a research note on Monday, January 13th. They issued a "buy" rating and a $600.00 target price on the stock. Needham & Company LLC reiterated a "buy" rating and set a $650.00 price target on shares of Synopsys in a research report on Thursday, February 27th. Finally, Wells Fargo & Company lowered their price objective on Synopsys from $540.00 to $520.00 and set an "equal weight" rating on the stock in a research report on Thursday, February 27th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $638.58.

Insider Buying and Selling

In other news, insider Geus Aart De sold 15,705 shares of Synopsys stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $444.42, for a total value of $6,979,616.10. Following the sale, the insider now owns 116,671 shares in the company, valued at $51,850,925.82. This trade represents a 11.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Sassine Ghazi sold 11,366 shares of the company's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $463.75, for a total transaction of $5,270,982.50. Following the transaction, the chief executive officer now owns 70,922 shares of the company's stock, valued at approximately $32,890,077.50. This trade represents a 13.81 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 47,909 shares of company stock valued at $22,794,835. 0.62% of the stock is owned by corporate insiders.

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.