Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Pensionfund Sabic

Pensionfund Sabic raised its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 22.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,500 shares of the software maker’s stock after purchasing an additional 1,000 shares during the period. Pensionfund Sabic’s holdings in Cadence Design Systems were worth $1,653,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Missouri Trust & Investment Co purchased a new position in Cadence Design Systems during the third quarter worth $27,000. MidAtlantic Capital Management Inc. acquired a new stake in shares of Cadence Design Systems during the 3rd quarter worth about $28,000. Versant Capital Management Inc boosted its stake in Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after buying an additional 87 shares during the last quarter. Prestige Wealth Management Group LLC increased its stake in Cadence Design Systems by 56.6% during the third 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 during the last quarter. Finally, Larson Financial Group LLC increased its stake in Cadence Design Systems by 159.7% during the 2nd quarter. Larson Financial Group LLC now owns 200 shares of the software maker’s stock worth $62,000 after buying an additional 123 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Mizuho raised their target price 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. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Oppenheimer started coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price objective on the stock. Loop Capital assumed coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 target price on the stock. Finally, Needham & Company LLC lowered their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $327.92.

Insider Activity

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total transaction of $425,490.00. Following the completion of the transaction, the director now owns 42,051 shares of the company’s stock, valued at approximately $11,928,186.66. This represents a 3.44 % 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, CFO John M. Wall sold 4,224 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total transaction of $1,305,342.72. Following the transaction, 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 position. The disclosure for this sale can be found here. Insiders sold 10,220 shares of company stock worth $3,085,474 over the last quarter. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Up 3.2 %

Shares of Cadence Design Systems stock traded up $9.62 on Monday, reaching $313.48. 312,196 shares of the company were exchanged, compared to its average volume of 843,181. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. The firm has a market capitalization of $85.98 billion, a price-to-earnings ratio of 82.28, a price-to-earnings-growth ratio of 4.19 and a beta of 1.04. The stock has a fifty day moving average price of $301.62 and a 200-day moving average price of $285.78.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.20. The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same period last year, the firm posted $1.01 earnings per share. On average, analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

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.