Sanctuary Advisors LLC Increases Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sanctuary Advisors LLC boosted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.1% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 21,273 shares of the software maker’s stock after buying an additional 1,403 shares during the quarter. Sanctuary Advisors LLC’s holdings in Cadence Design Systems were worth $6,334,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. Missouri Trust & Investment Co purchased a new position in shares of Cadence Design Systems in the 3rd quarter valued at approximately $27,000. MidAtlantic Capital Management Inc. purchased a new position in Cadence Design Systems during the third quarter valued at $28,000. Golden State Wealth Management LLC purchased a new position in Cadence Design Systems during the fourth quarter valued at $28,000. Versant Capital Management Inc boosted its holdings in shares of Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after buying an additional 87 shares in the last quarter. Finally, Prestige Wealth Management Group LLC increased its stake in shares of Cadence Design Systems by 56.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after acquiring an additional 60 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Scannell sold 3,171 shares of the company’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 transaction of $969,628.38. Following the completion of the sale, the vice president now directly owns 14,318 shares of the company’s stock, valued at approximately $4,378,158.04. This represents a 18.13 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the transaction, the chief executive officer now owns 55,874 shares in the company, valued at $17,320,940. This represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 108,416 shares of company stock valued at $33,538,875. 0.62% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective on the stock. Needham & Company LLC restated a “buy” rating and issued a $325.00 price target on shares of Cadence Design Systems in a research note on Wednesday. Robert W. Baird lifted their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Redburn Atlantic initiated coverage on Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 target price on the stock. Finally, StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $327.33.

Cadence Design Systems Stock Down 8.8 %

CDNS opened at $274.04 on Thursday. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The firm has a 50 day moving average price of $302.96 and a 200-day moving average price of $287.16. The stock has a market capitalization of $75.16 billion, a price-to-earnings ratio of 71.93, a PEG ratio of 3.41 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The company had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. Equities research analysts forecast that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

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.