LPL Financial LLC Purchases 15,886 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

LPL Financial LLC increased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 326,194 shares of the software maker’s stock after acquiring an additional 15,886 shares during the quarter. LPL Financial LLC’s holdings in Cadence Design Systems were worth $98,008,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CDNS. Principal Financial Group Inc. increased its stake in Cadence Design Systems by 33.0% during the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after acquiring an additional 501,833 shares during the period. Cerity Partners LLC grew its holdings in shares of Cadence Design Systems by 27.9% during the 3rd quarter. Cerity Partners LLC now owns 15,225 shares of the software maker’s stock worth $4,126,000 after purchasing an additional 3,320 shares in the last quarter. Larson Financial Group LLC increased its position in shares of Cadence Design Systems by 150.0% during the third quarter. Larson Financial Group LLC now owns 500 shares of the software maker’s stock valued at $136,000 after purchasing an additional 300 shares during the period. Private Trust Co. NA raised its stake in shares of Cadence Design Systems by 16.2% in the third quarter. Private Trust Co. NA now owns 733 shares of the software maker’s stock valued at $199,000 after purchasing an additional 102 shares in the last quarter. Finally, Qsemble Capital Management LP bought a new position in Cadence Design Systems in the third quarter worth $1,250,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

CDNS has been the topic of several analyst reports. Oppenheimer lowered their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a report on Wednesday, March 19th. Bank of America lowered their target price on shares of 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. Rosenblatt Securities lifted their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Robert W. Baird dropped their target price on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. Finally, Redburn Atlantic assumed coverage on Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 price target on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and a consensus target price of $324.83.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the transaction, the vice president now directly owns 58,123 shares of the company’s stock, valued at approximately $14,689,425.79. The trade was a 1.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction that occurred on 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 of the company’s stock, 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. Over the last ninety days, insiders have sold 101,021 shares of company stock valued at $31,229,155. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Stock Up 0.7 %

Shares of NASDAQ CDNS opened at $269.11 on Wednesday. Cadence Design Systems, Inc. has a 12-month low of $230.09 and a 12-month high of $328.99. The company has a market cap of $73.77 billion, a price-to-earnings ratio of 69.72, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The firm’s 50-day simple moving average is $277.00 and its 200 day simple moving average is $284.46.

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

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.