Brighton Jones LLC raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) by 80.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,519 shares of the software maker’s stock after buying an additional 676 shares during the quarter. Brighton Jones LLC’s holdings in Cadence Design Systems were worth $456,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also modified their holdings of the company. Missouri Trust & Investment Co purchased a new stake in Cadence Design Systems in the 3rd quarter valued at $27,000. MidAtlantic Capital Management Inc. purchased a new stake in shares of Cadence Design Systems in the third quarter valued at about $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 worth $42,000 after buying an additional 87 shares during the period. Prestige Wealth Management Group LLC grew its holdings in shares of 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 buying an additional 60 shares during the last quarter. Finally, Meeder Asset Management Inc. increased its position in Cadence Design Systems by 30.3% in the 3rd quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock valued at $55,000 after acquiring an additional 47 shares during the period. 84.85% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling
In other news, CEO Anirudh Devgan sold 5,920 shares of the business’s stock in a transaction on 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 completion of the transaction, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at $16,987,930.96. The trade was a 9.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO John M. Wall sold 4,224 shares of Cadence Design Systems stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total value of $1,305,342.72. Following the sale, 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 108,416 shares of company stock worth $33,528,267 in the last ninety days. Insiders own 1.99% of the company’s stock.
Cadence Design Systems Price Performance
Cadence Design Systems (NASDAQ:CDNS – Get Free Report) last announced its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating 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 firm earned $1.01 earnings per share. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. On average, equities research analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.
Wall Street Analyst Weigh In
A number of research firms have weighed in on CDNS. Redburn Atlantic assumed coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 price objective for the company. Mizuho lifted their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Berenberg Bank started 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 objective for the company. Needham & Company LLC lowered their target price on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Finally, Wells Fargo & Company started coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and an average price target of $329.50.
View Our Latest Report on CDNS
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.
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