Miracle Mile Advisors LLC Raises Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Miracle Mile Advisors LLC boosted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 22.0% during the 4th quarter, HoldingsChannel.com reports. The firm owned 6,824 shares of the software maker’s stock after purchasing an additional 1,229 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Cadence Design Systems were worth $2,050,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. State Street Corp grew its position in Cadence Design Systems by 0.5% in the third quarter. State Street Corp now owns 11,922,747 shares of the software maker’s stock worth $3,231,422,000 after acquiring an additional 60,490 shares in the last quarter. Jennison Associates LLC boosted its holdings in shares of Cadence Design Systems by 2.7% in the 3rd quarter. Jennison Associates LLC now owns 7,606,175 shares of the software maker’s stock worth $2,061,502,000 after purchasing an additional 198,230 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Cadence Design Systems by 0.9% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,988,851 shares of the software maker’s stock valued at $1,081,098,000 after purchasing an additional 37,452 shares during the last quarter. Nordea Investment Management AB raised its holdings in shares of Cadence Design Systems by 6.5% during the 4th quarter. Nordea Investment Management AB now owns 2,933,392 shares of the software maker’s stock valued at $885,356,000 after buying an additional 178,212 shares in the last quarter. Finally, Van ECK Associates Corp lifted its position in Cadence Design Systems by 26.1% in the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock worth $689,472,000 after buying an additional 572,251 shares during the last quarter. 84.85% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $306.19, for a total value of $199,023.50. Following the completion of the transaction, the vice president now owns 60,461 shares in the company, valued at $18,512,553.59. This trade represents a 1.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Anirudh Devgan sold 5,920 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total value 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. The trade was a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 108,416 shares of company stock worth $33,528,267 over the last three months. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

CDNS opened at $292.50 on Tuesday. The stock’s 50 day moving average price is $304.26 and its 200-day moving average price is $285.30. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. The stock has a market capitalization of $80.22 billion, a PE ratio of 76.77, a price-to-earnings-growth ratio of 4.16 and a beta of 1.04. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data 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 business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the prior year, the business earned $1.01 EPS. On average, equities research analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Wall Street Analyst Weigh In

CDNS has been the topic of a number of recent research reports. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Loop Capital assumed coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They issued a “buy” rating and a $360.00 target price on the stock. Needham & Company LLC cut their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research report on Tuesday, October 29th. Mizuho lifted their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Finally, Redburn Atlantic assumed coverage on Cadence Design Systems in a report on Monday. They set a “buy” 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 twelve have given a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and an average target price of $329.50.

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.