Harbor Capital Advisors Inc. Trims Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Harbor Capital Advisors Inc. trimmed its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 28.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,194 shares of the software maker’s stock after selling 3,970 shares during the period. Harbor Capital Advisors Inc.’s holdings in Cadence Design Systems were worth $3,063,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the stock. Missouri Trust & Investment Co purchased a new stake in Cadence Design Systems in the third quarter worth about $27,000. MidAtlantic Capital Management Inc. purchased a new stake in shares of Cadence Design Systems in the 3rd quarter worth approximately $28,000. Versant Capital Management Inc boosted its stake in shares of Cadence Design Systems by 164.2% during the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after purchasing an additional 87 shares in the last quarter. Prestige Wealth Management Group LLC increased its holdings 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 valued at $45,000 after buying an additional 60 shares during the period. Finally, Meeder Asset Management Inc. raised its stake in Cadence Design Systems by 30.3% in the third quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock worth $55,000 after buying an additional 47 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $299.00 on Friday. The stock has a 50-day moving average of $304.20 and a two-hundred day moving average of $285.57. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The stock has a market cap of $82.00 billion, a P/E ratio of 78.48, a P/E/G ratio of 4.16 and a beta of 1.04. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly 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. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the prior year, the company earned $1.01 EPS. Cadence Design Systems’s quarterly revenue was up 18.8% on a year-over-year basis. As a group, research analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $276.00, for a total transaction of $179,400.00. Following the completion of the transaction, the vice president now directly owns 61,111 shares in the company, valued at approximately $16,866,636. This trade represents a 1.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Anirudh Devgan sold 5,920 shares of the firm’s stock in a transaction that occurred on 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 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 disclosure for this sale can be found here. Insiders sold a total of 109,916 shares of company stock valued at $33,953,757 over the last 90 days. Insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Oppenheimer assumed coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price on the stock. Robert W. Baird lifted their target price 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. Berenberg Bank began coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target for the company. Needham & Company LLC cut their price objective on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Finally, Rosenblatt Securities reissued a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $327.92.

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.