Level Four Advisory Services LLC Acquires New Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Level Four Advisory Services LLC acquired a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 1,211 shares of the software maker’s stock, valued at approximately $364,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CDNS. Vanguard Group Inc. increased its stake in shares of Cadence Design Systems by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker’s stock worth $7,784,674,000 after acquiring an additional 201,340 shares during the last quarter. State Street Corp raised its stake in shares of Cadence Design Systems by 0.5% during the 3rd quarter. State Street Corp now owns 11,922,747 shares of the software maker’s stock worth $3,231,422,000 after purchasing an additional 60,490 shares in the last quarter. Jennison Associates LLC raised its stake in shares of Cadence Design Systems by 5.3% during the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock worth $2,406,760,000 after purchasing an additional 404,076 shares in the last quarter. Norges Bank acquired a new stake in shares of Cadence Design Systems during the 4th quarter valued at about $1,170,209,000. Finally, Nordea Investment Management AB grew its stake in shares of Cadence Design Systems by 6.5% in the 4th quarter. Nordea Investment Management AB now owns 2,933,392 shares of the software maker’s stock valued at $885,356,000 after buying an additional 178,212 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 5,920 shares of Cadence Design Systems stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $16,987,930.96. This trade represents a 9.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total value of $190,008.00. Following the transaction, the vice president now directly owns 58,773 shares in the company, valued at $17,180,523.36. This trade represents a 1.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 101,021 shares of company stock valued at $31,229,155 over the last quarter. Corporate insiders own 1.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CDNS. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 target price for the company. Needham & Company LLC reiterated a “buy” rating and set a $325.00 target price on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Mizuho raised their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Rosenblatt Securities lifted their target price on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Finally, Loop Capital cut their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company 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 assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $324.83.

Cadence Design Systems Stock Down 0.9 %

Shares of CDNS opened at $254.33 on Tuesday. The business’s 50 day simple moving average is $273.52 and its 200-day simple moving average is $284.41. Cadence Design Systems, Inc. has a one year low of $230.09 and a one year high of $328.99. The company has a market capitalization of $69.77 billion, a P/E ratio of 65.89, a PEG ratio of 3.88 and a beta of 1.05. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. As a group, sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal 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.