Bryn Mawr Capital Management LLC Buys 149,024 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Bryn Mawr Capital Management LLC increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9,928.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 150,525 shares of the software maker’s stock after buying an additional 149,024 shares during the period. Bryn Mawr Capital Management LLC owned 0.05% of Cadence Design Systems worth $449,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of CDNS. Missouri Trust & Investment Co bought a new position in Cadence Design Systems in the third quarter worth about $27,000. MidAtlantic Capital Management Inc. bought a new position in Cadence Design Systems in the third quarter worth about $28,000. Golden State Wealth Management LLC bought a new position in Cadence Design Systems in the fourth quarter worth about $28,000. Versant Capital Management Inc increased its stake in shares of Cadence Design Systems by 164.2% during 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 in the last quarter. Finally, Prestige Wealth Management Group LLC increased its stake in shares of Cadence Design Systems by 56.6% during 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 in the last quarter. 84.85% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CDNS. Piper Sandler raised their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research note on Wednesday. Mizuho raised their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Rosenblatt Securities raised their target price on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research note on Wednesday. Bank of America decreased their target price on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Wells Fargo & Company began coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $326.92.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred 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 sale, the vice president now owns 60,461 shares in the company, valued at approximately $18,512,553.59. This trade represents a 1.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Paul Scannell sold 3,171 shares of the firm’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 completion of the sale, the vice president now owns 14,318 shares in the company, valued at $4,378,158.04. This represents a 18.13 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 108,416 shares of company stock worth $33,538,875. 1.99% of the stock is owned by insiders.

Cadence Design Systems Trading Down 4.4 %

NASDAQ:CDNS opened at $258.27 on Friday. The company’s 50 day moving average price is $301.51 and its 200-day moving average price is $286.95. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The stock has a market cap of $70.83 billion, a price-to-earnings ratio of 66.91, a PEG ratio of 3.17 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. On average, equities research analysts forecast that Cadence Design Systems, Inc. will post 5.57 earnings per share for the current fiscal year.

Cadence Design Systems 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.