CX Institutional Acquires 46 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

CX Institutional increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.6% during the fourth quarter, HoldingsChannel reports. The fund owned 1,791 shares of the software maker’s stock after acquiring an additional 46 shares during the quarter. CX Institutional’s holdings in Cadence Design Systems were worth $538,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Missouri Trust & Investment Co bought a new position in shares of Cadence Design Systems during the 3rd quarter worth about $27,000. MidAtlantic Capital Management Inc. bought a new position in Cadence Design Systems during the third quarter valued at about $28,000. Versant Capital Management Inc raised its holdings in 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 acquiring an additional 87 shares in the last quarter. Prestige Wealth Management Group LLC lifted its position in shares of 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 acquiring an additional 60 shares during the period. Finally, Meeder Asset Management Inc. grew its holdings in shares of 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 purchasing an additional 47 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently commented on CDNS shares. Wells Fargo & Company started coverage on Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price for the company. Berenberg Bank initiated coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective for the company. Redburn Atlantic started coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 target price on the stock. Loop Capital started coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They set a “buy” rating and a $360.00 price target for the company. Finally, Needham & Company LLC lowered their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average price target of $329.50.

Insider Activity

In other news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $276.00, for a total value of $179,400.00. Following the transaction, the vice president now owns 61,111 shares of the company’s stock, valued at approximately $16,866,636. This trade represents a 1.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Paul Scannell sold 3,171 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $305.78, for a total transaction of $969,628.38. Following the sale, the vice president now directly owns 14,318 shares of the company’s stock, valued at approximately $4,378,158.04. This trade represents a 18.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock valued at $33,528,267 over the last three months. 1.99% of the stock is owned by insiders.

Cadence Design Systems Trading Down 1.2 %

Shares of CDNS opened at $320.48 on Friday. The stock has a fifty day moving average price of $306.14 and a two-hundred day moving average price of $285.35. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The company has a market cap of $87.89 billion, a price-to-earnings ratio of 84.12, a PEG ratio of 3.70 and a beta of 1.04. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99.

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

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.