Sovereign Investment Advisors LLC Invests $593,000 in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sovereign Investment Advisors LLC acquired a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 1,974 shares of the software maker’s stock, valued at approximately $593,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Principal Financial Group Inc. grew its stake in Cadence Design Systems by 10.7% in the 4th quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker’s stock valued at $672,300,000 after acquiring an additional 216,075 shares during the period. Pittenger & Anderson Inc. grew its stake in Cadence Design Systems by 50.1% in the 4th quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker’s stock valued at $1,589,000 after acquiring an additional 1,766 shares during the period. Meridiem Investment Management Ltd. grew its stake in Cadence Design Systems by 64.3% in the 4th quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker’s stock valued at $235,625,000 after acquiring an additional 306,887 shares during the period. Nisa Investment Advisors LLC grew its stake in Cadence Design Systems by 132.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock valued at $41,850,000 after acquiring an additional 79,268 shares during the period. Finally, Avanza Fonder AB acquired a new stake in Cadence Design Systems in the 4th quarter valued at $6,046,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

CDNS has been the topic of a number of research analyst reports. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Robert W. Baird lowered their target price on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research note on Thursday, February 20th. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They set a “buy” rating and a $350.00 target price on the stock. Mizuho lifted their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $325.00 target price on shares of Cadence Design Systems in a research note on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $326.92.

Cadence Design Systems Stock Up 2.4 %

NASDAQ CDNS opened at $247.43 on Friday. Cadence Design Systems, Inc. has a 52 week low of $230.09 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 business’s fifty day simple moving average is $282.52 and its 200-day simple moving average is $284.22. The firm has a market cap of $67.82 billion, a PE ratio of 64.10, a P/E/G ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 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 for the quarter, compared to analysts’ expectations of $1.35 billion. As a group, equities analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total value of $198,146.00. Following the sale, the vice president now directly owns 59,311 shares in the company, valued at approximately $18,080,365.24. The trade was a 1.08 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John M. Wall sold 4,224 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $309.03, for a total transaction of $1,305,342.72. Following the completion of the sale, the chief financial officer now owns 29,248 shares in the company, valued at approximately $9,038,509.44. This trade represents a 12.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 105,245 shares of company stock worth $32,534,498. Company insiders own 0.62% of the company’s stock.

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.