Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Money Concepts Capital Corp

Money Concepts Capital Corp trimmed its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,118 shares of the software maker’s stock after selling 308 shares during the quarter. Money Concepts Capital Corp’s holdings in Cadence Design Systems were worth $8,148,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Missouri Trust & Investment Co acquired a new position in Cadence Design Systems in the third quarter worth about $27,000. MidAtlantic Capital Management Inc. bought a new position in Cadence Design Systems during the 3rd quarter worth approximately $28,000. Versant Capital Management Inc lifted its holdings 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 buying an additional 87 shares during the last quarter. Prestige Wealth Management Group LLC grew its position in shares of Cadence Design Systems by 56.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after acquiring an additional 60 shares in the last quarter. Finally, Meeder Asset Management Inc. increased its holdings in shares of 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 last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Stock Up 0.5 %

CDNS stock opened at $299.67 on Wednesday. The firm’s 50-day moving average is $305.02 and its two-hundred day moving average is $284.54. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $82.19 billion, a price-to-earnings ratio of 78.65, a price-to-earnings-growth ratio of 3.42 and a beta of 1.03. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99.

Analysts Set New Price Targets

Several analysts have weighed in on CDNS shares. Loop Capital began coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They set a “buy” rating and a $360.00 target price for the company. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Wells Fargo & Company initiated coverage on Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price for the company. StockNews.com upgraded Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Wednesday, January 29th. Finally, Berenberg Bank began coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price on the stock. One research analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average target price of $329.50.

Insider Buying and Selling

In related news, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at $16,987,930.96. This represents a 9.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on 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 transaction, the vice president now directly owns 60,461 shares in the company, valued at $18,512,553.59. This represents a 1.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 107,766 shares of company stock valued at $33,348,867 over the last quarter. Corporate insiders own 0.62% of the company’s stock.

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.