Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock Holdings Increased by LPL Financial LLC

LPL Financial LLC lifted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.1% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 326,194 shares of the software maker’s stock after purchasing an additional 15,886 shares during the quarter. LPL Financial LLC owned 0.12% of Cadence Design Systems worth $98,008,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of CDNS. Raymond James Financial Inc. bought a new position in Cadence Design Systems in the 4th quarter valued at about $171,991,000. Principal Financial Group Inc. lifted its stake in shares of Cadence Design Systems by 33.0% in the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after acquiring an additional 501,833 shares during the period. Manning & Napier Advisors LLC bought a new position in shares of Cadence Design Systems in the fourth quarter valued at approximately $148,594,000. Proficio Capital Partners LLC acquired a new position in shares of Cadence Design Systems during the fourth quarter valued at approximately $129,546,000. Finally, Jensen Investment Management Inc. bought a new stake in Cadence Design Systems during the fourth quarter worth approximately $126,571,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CDNS has been the subject of a number of research reports. Mizuho increased their price target on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. 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. Loop Capital dropped their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. Redburn Atlantic assumed coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 price target for the company. Finally, Robert W. Baird lowered their price objective 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. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $324.83.

Cadence Design Systems Trading Up 0.7 %

Cadence Design Systems stock opened at $269.11 on Wednesday. Cadence Design Systems, Inc. has a 52 week low of $230.09 and a 52 week high of $328.99. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The firm has a market capitalization of $73.77 billion, a price-to-earnings ratio of 69.72, a P/E/G ratio of 3.88 and a beta of 1.05. The company has a 50 day moving average price of $277.00 and a 200 day moving average price of $284.46.

Cadence Design Systems (NASDAQ:CDNS) last issued its 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). The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. Research analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Activity

In other news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the transaction, the vice president now directly owns 58,123 shares of the company’s stock, valued at approximately $14,689,425.79. This represents a 1.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction on Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. The trade was a 62.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 101,021 shares of company stock worth $31,229,155 in the last 90 days. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems 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.