Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Steward Partners Investment Advisory LLC

Steward Partners Investment Advisory LLC raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 60.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,668 shares of the software maker’s stock after acquiring an additional 9,291 shares during the quarter. Steward Partners Investment Advisory LLC’s holdings in Cadence Design Systems were worth $7,412,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Principal Financial Group Inc. grew its stake in shares of Cadence Design Systems by 10.7% in the fourth quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker’s stock worth $672,300,000 after acquiring an additional 216,075 shares in the last quarter. Pittenger & Anderson Inc. boosted its holdings in Cadence Design Systems by 50.1% in the fourth quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker’s stock valued at $1,589,000 after purchasing an additional 1,766 shares during the period. Meridiem Investment Management Ltd. grew its stake in Cadence Design Systems by 64.3% during the 4th quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker’s stock worth $235,625,000 after purchasing an additional 306,887 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in Cadence Design Systems by 132.1% during the 4th quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock worth $41,850,000 after purchasing an additional 79,268 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. raised its position in Cadence Design Systems by 48.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock valued at $258,136,000 after purchasing an additional 310,250 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analyst Ratings Changes

CDNS has been the subject of a number of analyst reports. Wells Fargo & Company started coverage on 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. Needham & Company LLC reiterated a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a report on Wednesday, February 19th. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report 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 for the company in a research note on Thursday, February 20th. Finally, Bank of America cut their price target on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $326.92.

Cadence Design Systems Stock Up 1.4 %

Shares of NASDAQ CDNS opened at $244.70 on Thursday. The business has a 50-day moving average price of $291.22 and a 200 day moving average price of $285.98. The stock has a market cap of $67.07 billion, a PE ratio of 63.39, a price-to-earnings-growth ratio of 3.88 and a beta of 1.03. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 52-week low of $233.72 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing the consensus estimate of $1.82 by ($0.33). The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. Equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Anirudh Devgan sold 5,920 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now 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 legal filing with the SEC, which is available at the SEC website. Also, VP Paul Scannell sold 3,171 shares of the stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $305.78, for a total value of $969,628.38. Following the sale, the vice president now directly owns 14,318 shares of the company’s stock, valued at $4,378,158.04. The trade was a 18.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 108,416 shares of company stock valued at $33,504,126. Insiders own 1.99% of the company’s stock.

About Cadence Design Systems

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.