West Bancorporation Inc. Acquires Shares of 746 Cadence Design Systems, Inc. (NASDAQ:CDNS)

West Bancorporation Inc. bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 746 shares of the software maker’s stock, valued at approximately $224,000.

Other hedge funds have also modified their holdings of the company. Missouri Trust & Investment Co purchased a new position in shares of Cadence Design Systems during the 3rd quarter worth $27,000. MidAtlantic Capital Management Inc. purchased a new stake in shares of Cadence Design Systems in the 3rd quarter valued at approximately $28,000. Versant Capital Management Inc increased its holdings in shares of 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 buying an additional 87 shares during the last quarter. Prestige Wealth Management Group LLC raised its position 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 buying an additional 60 shares during the period. Finally, Meeder Asset Management Inc. lifted its holdings 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 valued at $55,000 after acquiring an additional 47 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total value of $198,146.00. Following the completion of the sale, the vice president now directly owns 59,311 shares of the company’s stock, valued at $18,080,365.24. This represents a 1.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Anirudh Devgan sold 5,920 shares of Cadence Design Systems stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 107,766 shares of company stock worth $33,348,867. Corporate insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

CDNS has been the topic of a number of research analyst reports. Needham & Company LLC reduced their target price on 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. Mizuho upped their target price 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. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Berenberg Bank started 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 on the stock. Finally, Robert W. Baird boosted their target price on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $329.50.

Cadence Design Systems Stock Down 0.0 %

CDNS stock opened at $297.62 on Friday. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. The company’s 50 day moving average price is $305.59 and its 200 day moving average price is $284.74. The firm has a market capitalization of $81.63 billion, a price-to-earnings ratio of 78.12, a PEG ratio of 3.33 and a beta of 1.04. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45.

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.