Bowman & Co S.C. Invests $373,000 in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Bowman & Co S.C. bought a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 1,243 shares of the software maker’s stock, valued at approximately $373,000.

Several other institutional investors have also added to or reduced their stakes in CDNS. Missouri Trust & Investment Co purchased a new position in shares of Cadence Design Systems during the third quarter worth approximately $27,000. MidAtlantic Capital Management Inc. acquired a new stake in shares of Cadence Design Systems during the third quarter worth about $28,000. Versant Capital Management Inc grew its position in Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after purchasing an additional 87 shares during the period. Prestige Wealth Management Group LLC increased its holdings in shares of Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after purchasing an additional 60 shares in the last quarter. Finally, Meeder Asset Management Inc. boosted its position in 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 purchasing an additional 47 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. The trade was a 62.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO John M. Wall sold 4,224 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $309.03, for a total value of $1,305,342.72. Following the completion of the sale, the chief financial officer now directly owns 29,248 shares in the company, valued at $9,038,509.44. This trade represents a 12.62 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 108,416 shares of company stock valued at $33,528,267. 0.62% of the stock is owned by insiders.

Cadence Design Systems Trading Up 2.2 %

Shares of NASDAQ:CDNS opened at $305.60 on Friday. The company has a 50 day moving average of $304.43 and a 200-day moving average of $285.15. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99. The firm has a market cap of $83.81 billion, a P/E ratio of 80.21, a P/E/G ratio of 3.44 and a beta of 1.04. 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 (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. As a group, analysts anticipate that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CDNS. Robert W. Baird increased their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Redburn Atlantic began coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 price target for the company. Loop Capital began coverage on Cadence Design Systems in a report on Monday, November 11th. They issued a “buy” rating and a $360.00 target price on the stock. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Finally, Wells Fargo & Company began coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $329.50.

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.