Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by Kingsview Wealth Management LLC

Kingsview Wealth Management LLC raised its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.2% during the fourth quarter, HoldingsChannel.com reports. The firm owned 4,822 shares of the software maker’s stock after buying an additional 57 shares during the period. Kingsview Wealth Management LLC’s holdings in Cadence Design Systems were worth $1,449,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Missouri Trust & Investment Co acquired a new stake in shares of Cadence Design Systems during the 3rd quarter valued at approximately $27,000. MidAtlantic Capital Management Inc. bought a new position in Cadence Design Systems during the third quarter worth $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 lifted its stake in Cadence Design Systems by 164.2% during 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 last quarter. Finally, Prestige Wealth Management Group LLC lifted 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 buying an additional 60 shares during the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, 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 $16,987,930.96. The trade was a 9.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John M. Wall sold 4,224 shares of Cadence Design Systems stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $309.03, for a total value of $1,305,342.72. Following the sale, the chief financial officer now owns 29,248 shares of the company’s stock, valued at approximately $9,038,509.44. This represents a 12.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 108,416 shares of company stock worth $33,538,875 in the last three months. 1.99% of the stock is owned by insiders.

Cadence Design Systems Stock Down 0.6 %

Shares of Cadence Design Systems stock opened at $303.87 on Wednesday. The firm has a market cap of $83.34 billion, a price-to-earnings ratio of 79.76, a P/E/G ratio of 3.50 and a beta of 1.03. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. The stock has a 50-day simple moving average of $304.50 and a 200-day simple moving average of $285.50.

Analyst Ratings Changes

CDNS has been the topic of a number of recent research reports. Needham & Company LLC cut their target price on 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. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Redburn Atlantic started coverage on Cadence Design Systems in a report on Monday, January 13th. They set a “buy” rating and a $350.00 target price on the stock. Mizuho lifted their price target on 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, Berenberg Bank started coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price target on the stock. One equities research 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, the company has an average rating of “Moderate Buy” and an average price target 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.