Linden Thomas Advisory Services LLC Acquires 1,121 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Linden Thomas Advisory Services LLC raised its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 8.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,673 shares of the software maker’s stock after purchasing an additional 1,121 shares during the period. Cadence Design Systems makes up approximately 0.6% of Linden Thomas Advisory Services LLC’s holdings, making the stock its 23rd largest holding. Linden Thomas Advisory Services LLC’s holdings in Cadence Design Systems were worth $4,409,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Avior Wealth Management LLC increased its stake in shares of Cadence Design Systems by 12.4% in the fourth quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock worth $98,000 after acquiring an additional 36 shares during the period. Dudley Capital Management LLC grew its position in Cadence Design Systems by 4.3% during the 3rd quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock worth $257,000 after purchasing an additional 39 shares during the period. Trust Point Inc. raised its stake in shares of Cadence Design Systems by 2.9% during the 3rd quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock valued at $379,000 after buying an additional 40 shares during the last quarter. Falcon Wealth Planning lifted its holdings in shares of Cadence Design Systems by 5.1% in the 3rd quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock valued at $222,000 after buying an additional 40 shares during the period. Finally, Fifth Third Wealth Advisors LLC grew its holdings in Cadence Design Systems by 0.7% during the third quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock worth $1,501,000 after acquiring an additional 40 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Down 1.2 %

Shares of NASDAQ:CDNS opened at $320.48 on Friday. The company has a quick ratio of 2.27, a current ratio of 2.45 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 stock has a market cap of $87.89 billion, a price-to-earnings ratio of 84.12, a price-to-earnings-growth ratio of 3.70 and a beta of 1.04. The firm’s 50 day moving average price is $306.14 and its 200 day moving average price is $285.35.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, October 28th. The software maker reported $1.64 EPS 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 firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the previous year, the firm posted $1.01 earnings per share. The company’s revenue was up 18.8% compared to the same quarter last year. As a group, equities research analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CDNS has been the subject of several recent research reports. Mizuho lifted their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Berenberg Bank began coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They issued 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 research note on Tuesday, October 29th. 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. Finally, Loop Capital started coverage on Cadence Design Systems in a report on Monday, November 11th. They issued a “buy” rating and a $360.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $329.50.

Insider Activity

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of the firm’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 transaction, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $306.19, for a total value of $199,023.50. Following the completion of the sale, the vice president now directly owns 60,461 shares of the company’s stock, valued at $18,512,553.59. The trade was a 1.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 108,416 shares of company stock worth $33,528,267. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Company 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.