Advisory Resource Group Reduces Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Advisory Resource Group lowered its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,574 shares of the software maker’s stock after selling 147 shares during the period. Advisory Resource Group’s holdings in Cadence Design Systems were worth $1,074,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Missouri Trust & Investment Co bought a new stake in shares of Cadence Design Systems in the third quarter valued at approximately $27,000. MidAtlantic Capital Management Inc. bought a new stake in shares of Cadence Design Systems in the third quarter valued at approximately $28,000. Golden State Wealth Management LLC bought a new stake in shares of Cadence Design Systems in the fourth quarter valued at approximately $28,000. Versant Capital Management Inc raised its position in shares of Cadence Design Systems by 164.2% in the fourth 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. Finally, Prestige Wealth Management Group LLC raised its position in shares of Cadence Design Systems by 56.6% in the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after purchasing an additional 60 shares during the period. Institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

CDNS has been the topic of several research reports. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price on the stock. Needham & Company LLC decreased their target price on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Redburn Atlantic started coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They set a “buy” rating and a $350.00 target price on the stock. Finally, Robert W. Baird upped their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $329.50.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $299.68 on Friday. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. The stock has a market capitalization of $82.19 billion, a price-to-earnings ratio of 78.66, a price-to-earnings-growth ratio of 3.50 and a beta of 1.03. The company has a fifty day moving average of $304.59 and a 200-day moving average of $285.02. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45.

Insider Activity

In other news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $306.19, for a total value of $199,023.50. Following the completion of the sale, the vice president now owns 60,461 shares of the company’s stock, valued at approximately $18,512,553.59. This represents a 1.06 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul Scannell sold 3,171 shares of the company’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $305.78, for a total transaction of $969,628.38. Following the completion of the sale, the vice president now directly owns 14,318 shares of the company’s stock, valued at $4,378,158.04. This trade represents a 18.13 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 108,416 shares of company stock valued at $33,538,875. Corporate insiders own 1.99% of the company’s stock.

About Cadence Design Systems

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.