Contravisory Investment Management Inc. Decreases Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Contravisory Investment Management Inc. lowered its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,019 shares of the software maker’s stock after selling 68 shares during the quarter. Contravisory Investment Management Inc.’s holdings in Cadence Design Systems were worth $1,208,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of CDNS. Missouri Trust & Investment Co acquired a new position in shares of Cadence Design Systems during the third quarter worth $27,000. MidAtlantic Capital Management Inc. acquired a new position in Cadence Design Systems in the 3rd quarter worth $28,000. Versant Capital Management Inc boosted its position 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 valued at $42,000 after buying an additional 87 shares during the last quarter. Prestige Wealth Management Group LLC grew its stake 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 valued at $45,000 after acquiring an additional 60 shares in the last quarter. Finally, Meeder Asset Management Inc. increased its position in shares of Cadence Design Systems by 30.3% during the third quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock worth $55,000 after acquiring an additional 47 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Trading Up 2.2 %

NASDAQ:CDNS opened at $300.72 on Thursday. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The business has a fifty day moving average of $304.32 and a 200-day moving average of $285.20. 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 $82.48 billion, a price-to-earnings ratio of 78.93, a PEG ratio of 3.44 and a beta of 1.04.

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 analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $1.18 billion. During the same period in the prior year, the business posted $1.01 EPS. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. Equities analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Insider Activity

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 value of $969,628.38. Following the transaction, the vice president now owns 14,318 shares in the company, valued at approximately $4,378,158.04. This represents a 18.13 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Friday, November 1st. The shares were sold at an average price of $276.00, for a total transaction of $179,400.00. Following the sale, the vice president now directly owns 61,111 shares of the company’s stock, valued at $16,866,636. This trade represents a 1.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 108,416 shares of company stock valued at $33,528,267 over the last three months. Insiders own 0.62% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Redburn Atlantic started coverage on Cadence Design Systems in a research report on Monday. They issued a “buy” rating and a $350.00 target price on the stock. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Mizuho increased their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Berenberg Bank started coverage on Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective for the company. Finally, Loop Capital began coverage on Cadence Design Systems in a research report on Monday, November 11th. They issued a “buy” rating and a $360.00 target price for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average price target of $329.50.

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.