Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by CX Institutional

CX Institutional boosted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,791 shares of the software maker’s stock after purchasing an additional 46 shares during the period. CX Institutional’s holdings in Cadence Design Systems were worth $538,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in CDNS. Missouri Trust & Investment Co acquired a new stake in shares of Cadence Design Systems during the 3rd quarter valued at $27,000. MidAtlantic Capital Management Inc. purchased a new stake in shares of Cadence Design Systems during the third quarter valued at $28,000. Versant Capital Management Inc boosted its position in shares of Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after purchasing an additional 87 shares during the period. Prestige Wealth Management Group LLC increased its stake in Cadence Design Systems by 56.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after purchasing an additional 60 shares in the last quarter. Finally, Meeder Asset Management Inc. raised its holdings in Cadence Design Systems by 30.3% during the 3rd quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock worth $55,000 after buying an additional 47 shares during the period. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Stock Performance

CDNS stock opened at $320.48 on Friday. The company has a market capitalization of $87.89 billion, a price-to-earnings ratio of 84.12, a P/E/G ratio of 3.70 and a beta of 1.04. The firm has a 50 day moving average of $306.14 and a two-hundred day moving average of $285.35. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the prior year, the business posted $1.01 earnings per share. The business’s quarterly revenue was up 18.8% on a year-over-year basis. As a group, equities analysts anticipate that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CDNS. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price on the stock. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Berenberg Bank initiated coverage on Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price for the company. Needham & Company LLC decreased their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research report on Tuesday, October 29th. Finally, Mizuho upped their price target on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $329.50.

Insider Buying and Selling

In related news, CFO John M. Wall sold 4,224 shares of Cadence Design Systems stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $309.03, for a total value of $1,305,342.72. Following the transaction, the chief financial officer now owns 29,248 shares in the company, valued at $9,038,509.44. This trade represents a 12.62 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the transaction, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 108,416 shares of company stock worth $33,528,267. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.