EULAV Asset Management Has $86.92 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

EULAV Asset Management raised its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 289,304 shares of the software maker’s stock after acquiring an additional 7,996 shares during the quarter. Cadence Design Systems comprises 2.1% of EULAV Asset Management’s investment portfolio, making the stock its 10th biggest holding. EULAV Asset Management’s holdings in Cadence Design Systems were worth $86,924,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of CDNS. Missouri Trust & Investment Co acquired a new position in Cadence Design Systems in the third quarter valued at approximately $27,000. MidAtlantic Capital Management Inc. acquired a new position in shares of Cadence Design Systems during the 3rd quarter valued at $28,000. Golden State Wealth Management LLC bought a new position in Cadence Design Systems during the fourth quarter worth $28,000. Versant Capital Management Inc grew its holdings 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 worth $42,000 after purchasing an additional 87 shares during the period. Finally, Prestige Wealth Management Group LLC increased 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 purchasing an additional 60 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently weighed in on CDNS. Loop Capital initiated coverage on 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. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday. Berenberg Bank initiated 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 for the company. Mizuho raised their price objective 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. Finally, Rosenblatt Securities reissued a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research 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 assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $329.50.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $299.68 on Friday. The stock has a 50 day moving average of $304.73 and a 200 day moving average of $284.93. The company has a market capitalization of $82.19 billion, a price-to-earnings ratio of 78.66, a PEG ratio of 3.42 and a beta of 1.03. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54.

Insider Activity

In related news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were 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 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 transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Anirudh Devgan sold 5,920 shares of Cadence Design Systems stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $16,987,930.96. This represents a 9.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 108,416 shares of company stock valued at $33,538,875 in the last ninety days. 0.62% of the stock is currently owned by insiders.

Cadence Design Systems Company 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.