Avanza Fonder AB Purchases New Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Avanza Fonder AB acquired a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the fourth quarter, HoldingsChannel reports. The fund acquired 20,123 shares of the software maker’s stock, valued at approximately $6,046,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Procyon Advisors LLC grew its position in shares of Cadence Design Systems by 6.9% during the 4th quarter. Procyon Advisors LLC now owns 1,770 shares of the software maker’s stock worth $532,000 after buying an additional 115 shares during the period. Everpar Advisors LLC acquired a new stake in shares of Cadence Design Systems during the fourth quarter worth about $209,000. Retireful LLC bought a new position in shares of Cadence Design Systems during the 4th quarter valued at about $729,000. JGP Wealth Management LLC grew its position in shares of Cadence Design Systems by 9.5% in the 4th quarter. JGP Wealth Management LLC now owns 2,874 shares of the software maker’s stock valued at $864,000 after purchasing an additional 250 shares during the period. Finally, Hennion & Walsh Asset Management Inc. increased its stake in Cadence Design Systems by 13.5% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 8,792 shares of the software maker’s stock worth $2,642,000 after purchasing an additional 1,049 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on CDNS. Loop Capital initiated coverage on Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 price target on the stock. 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 for the company. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Berenberg Bank started coverage on Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective for the company. Finally, Needham & Company LLC lowered their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $329.50.

Insider Buying and Selling at Cadence Design Systems

In related news, VP Paul Scannell sold 3,171 shares of the stock in a transaction on Friday, December 13th. The stock was sold at an average price of $305.78, for a total value of $969,628.38. Following the transaction, the vice president now directly owns 14,318 shares in the company, valued at $4,378,158.04. This trade represents a 18.13 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $276.00, for a total transaction of $179,400.00. Following the sale, the vice president now owns 61,111 shares of the company’s stock, valued at $16,866,636. This trade represents a 1.05 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 108,416 shares of company stock valued at $33,528,267. 0.62% of the stock is currently owned by company insiders.

Cadence Design Systems Stock Performance

Cadence Design Systems stock opened at $303.42 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The company has a market capitalization of $83.22 billion, a P/E ratio of 79.70, a P/E/G ratio of 3.44 and a beta of 1.04. The business has a 50 day moving average of $304.40 and a 200-day moving average of $285.31.

Cadence Design Systems (NASDAQ:CDNS) last announced 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. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.01 EPS. On average, equities research analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current 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.