Allstate Corp Buys 1,518 Shares of Synopsys, Inc. $SNPS

Key Points

• Allstate Corp increased its stake in Synopsys, Inc. by 33.5% to hold 6,051 shares, valued at approximately $2,595,000.
• Analysts are confident in Synopsys, as multiple firms have raised their target prices, with the overall consensus rating being a "Moderate Buy" and an average price target of $626.79.
• In the latest quarter, Synopsys reported earnings of $3.67 EPS, beating estimates and showing a revenue increase of 10.3% compared to the previous year.

Allstate Corp raised its stake in shares of Synopsys, Inc. (NASDAQ:SNPS - Free Report) by 33.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,051 shares of the semiconductor company's stock after buying an additional 1,518 shares during the quarter. Allstate Corp's holdings in Synopsys were worth $2,595,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. North Star Asset Management Inc. increased its holdings in shares of Synopsys by 3.6% during the first quarter. North Star Asset Management Inc. now owns 60,270 shares of the semiconductor company's stock valued at $25,847,000 after acquiring an additional 2,082 shares in the last quarter. SlateStone Wealth LLC raised its holdings in Synopsys by 467.8% in the first quarter. SlateStone Wealth LLC now owns 10,220 shares of the semiconductor company's stock worth $4,383,000 after buying an additional 8,420 shares during the last quarter. Dynamic Advisor Solutions LLC bought a new position in shares of Synopsys in the first quarter worth approximately $1,000,000. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Synopsys by 3.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 20,172 shares of the semiconductor company's stock worth $8,651,000 after buying an additional 655 shares in the last quarter. Finally, Banque Cantonale Vaudoise purchased a new stake in shares of Synopsys during the first quarter valued at approximately $3,116,000. 85.47% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

SNPS has been the subject of a number of recent analyst reports. Rosenblatt Securities boosted their price objective on shares of Synopsys from $625.00 to $650.00 and gave the stock a "buy" rating in a report on Friday, July 25th. KeyCorp lifted their target price on Synopsys from $540.00 to $610.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Bank of America upped their price target on Synopsys from $575.00 to $625.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. The Goldman Sachs Group began coverage on Synopsys in a research report on Thursday, July 10th. They set a "buy" rating and a $620.00 price objective on the stock. Finally, Needham & Company LLC reissued a "buy" rating and issued a $660.00 target price (up previously from $650.00) on shares of Synopsys in a research report on Tuesday, July 15th. Twelve research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $626.79.

Synopsys Trading Up 1.4%

Synopsys stock opened at $606.52 on Friday. Synopsys, Inc. has a 52-week low of $365.74 and a 52-week high of $651.73. The company has a market cap of $94.11 billion, a P/E ratio of 43.79, a P/E/G ratio of 3.93 and a beta of 1.15. The company has a quick ratio of 6.85, a current ratio of 7.02 and a debt-to-equity ratio of 1.01. The business has a 50-day simple moving average of $570.29 and a two-hundred day simple moving average of $500.95.

Synopsys (NASDAQ:SNPS - Get Free Report) last issued its quarterly earnings data on Wednesday, May 28th. The semiconductor company reported $3.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.40 by $0.27. The firm had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.60 billion. Synopsys had a net margin of 34.77% and a return on equity of 17.09%. The company's revenue for the quarter was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.00 EPS. Synopsys has set its FY 2025 guidance at 15.110-15.190 EPS. Q3 2025 guidance at 3.820-3.87 EPS. Analysts predict that Synopsys, Inc. will post 10.64 EPS for the current year.

Insider Buying and Selling at Synopsys

In other Synopsys news, CRO Richard S. Mahoney sold 9,010 shares of the stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $471.21, for a total transaction of $4,245,602.10. Following the completion of the transaction, the executive owned 1,485 shares of the company's stock, valued at $699,746.85. This represents a 85.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Shelagh Glaser sold 7,310 shares of the business's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $485.72, for a total value of $3,550,613.20. Following the completion of the sale, the chief financial officer owned 15,291 shares in the company, valued at $7,427,144.52. This represents a 32.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 27,686 shares of company stock valued at $13,001,048 in the last three months. 0.62% of the stock is currently owned by corporate insiders.

Synopsys Company 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.

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