Tanager Wealth Management LLP Takes Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Tanager Wealth Management LLP acquired a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 1,234 shares of the software maker’s stock, valued at approximately $371,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Missouri Trust & Investment Co purchased a new position in Cadence Design Systems in the third quarter valued at about $27,000. MidAtlantic Capital Management Inc. purchased a new position in Cadence Design Systems in the third quarter valued at about $28,000. Versant Capital Management Inc boosted its stake in 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 acquiring an additional 87 shares during the last quarter. Prestige Wealth Management Group LLC boosted its stake in 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 acquiring an additional 60 shares during the last quarter. Finally, Meeder Asset Management Inc. boosted its stake in Cadence Design Systems by 30.3% in the third quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock valued at $55,000 after acquiring an additional 47 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at $17,320,940. This trade represents a 62.51 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $306.19, for a total transaction of $199,023.50. Following the completion of the sale, the vice president now directly owns 60,461 shares of the company’s stock, valued at approximately $18,512,553.59. This represents a 1.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 107,766 shares of company stock valued at $33,348,867 in the last quarter. Insiders own 0.62% of the company’s stock.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $299.67 on Wednesday. The company’s fifty day moving average price is $305.02 and its 200-day moving average price is $284.54. The firm has a market capitalization of $82.19 billion, a price-to-earnings ratio of 78.65, a PEG ratio of 3.42 and a beta of 1.03. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CDNS shares. Wells Fargo & Company began coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price on the stock. Loop Capital began 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 on the stock. Needham & Company LLC dropped their price target on shares of 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. Berenberg Bank began coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target on the stock. Finally, Mizuho upped their price target 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. One investment analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $329.50.

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.