Everpar Advisors LLC Takes Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Everpar Advisors LLC purchased a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 694 shares of the software maker’s stock, valued at approximately $209,000.

Other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp increased its position in shares of 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 purchasing an additional 60,490 shares during the period. Jennison Associates LLC grew its stake in Cadence Design Systems by 2.7% during the third quarter. Jennison Associates LLC now owns 7,606,175 shares of the software maker’s stock worth $2,061,502,000 after buying an additional 198,230 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Cadence Design Systems by 0.9% in 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 buying an additional 37,452 shares during the period. Nordea Investment Management AB raised its position in shares of Cadence Design Systems by 6.5% in 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 holdings in shares of Cadence Design Systems by 26.1% during the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock worth $689,472,000 after acquiring an additional 572,251 shares during the period. Institutional investors own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CDNS shares. Wells Fargo & Company began coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective for the company. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 29th. Redburn Atlantic started coverage on Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective on the stock. Loop Capital assumed coverage on Cadence Design Systems in a research note on Monday, November 11th. They set a “buy” rating and a $360.00 target price for the company. Finally, Mizuho raised 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 research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $329.50.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $276.00, for a total transaction of $179,400.00. Following the completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Paul Scannell sold 3,171 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $305.78, for a total value of $969,628.38. Following the completion of the transaction, the vice president now directly owns 14,318 shares in the company, valued at approximately $4,378,158.04. This trade represents a 18.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 108,416 shares of company stock worth $33,528,267. Company insiders own 0.62% of the company’s stock.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $305.60 on Friday. The firm has a market cap of $83.81 billion, a PE ratio of 80.21, a price-to-earnings-growth ratio of 3.44 and a beta of 1.04. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The firm’s fifty day moving average is $304.43 and its 200-day moving average is $285.37. 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 results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.20. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.01 earnings per share. Sell-side analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

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.