Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by GLOBALT Investments LLC GA

GLOBALT Investments LLC GA grew its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,917 shares of the software maker’s stock after purchasing an additional 142 shares during the period. GLOBALT Investments LLC GA’s holdings in Cadence Design Systems were worth $3,581,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Sovereign Investment Advisors LLC acquired a new stake in shares of Cadence Design Systems in the 4th quarter worth approximately $593,000. Harbour Investments Inc. grew its holdings in shares of Cadence Design Systems by 33.0% in the 4th quarter. Harbour Investments Inc. now owns 238 shares of the software maker’s stock worth $72,000 after acquiring an additional 59 shares during the period. Corient Private Wealth LLC grew its holdings in shares of Cadence Design Systems by 1.0% in the 4th quarter. Corient Private Wealth LLC now owns 167,313 shares of the software maker’s stock worth $50,271,000 after acquiring an additional 1,691 shares during the period. Avalon Trust Co acquired a new stake in shares of Cadence Design Systems in the 4th quarter worth approximately $39,000. Finally, M & L Capital Management Ltd acquired a new stake in shares of Cadence Design Systems in the 4th quarter worth approximately $11,568,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In other news, CFO John M. Wall sold 4,224 shares of Cadence Design Systems stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total transaction of $1,305,342.72. Following the sale, the chief financial officer now directly owns 29,248 shares of the company’s stock, valued at approximately $9,038,509.44. The trade was a 12.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Anirudh Devgan sold 5,920 shares of Cadence Design Systems stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total value of $1,799,916.80. Following the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $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. In the last three months, insiders sold 105,245 shares of company stock worth $32,534,498. Corporate insiders own 0.62% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on CDNS shares. Mizuho upped their price target on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Bank of America reduced their target price on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Needham & Company LLC reaffirmed a “buy” rating and issued a $325.00 target price on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Loop Capital reduced their target price on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Finally, Rosenblatt Securities increased their price target on Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $326.92.

Cadence Design Systems Trading Up 2.4 %

Shares of CDNS opened at $247.43 on Monday. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $67.82 billion, a P/E ratio of 64.10, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. The stock’s fifty day simple moving average is $282.52 and its 200 day simple moving average is $284.37. Cadence Design Systems, Inc. has a twelve month low of $230.09 and a twelve month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. On average, equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

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.