Strategic Advocates LLC Has $562,000 Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Strategic Advocates LLC cut its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 35.2% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,871 shares of the software maker’s stock after selling 1,016 shares during the period. Strategic Advocates LLC’s holdings in Cadence Design Systems were worth $562,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Mediolanum International Funds Ltd increased its holdings in Cadence Design Systems by 10.5% in the fourth quarter. Mediolanum International Funds Ltd now owns 10,998 shares of the software maker’s stock worth $3,312,000 after buying an additional 1,043 shares during the last quarter. Capital Investment Advisory Services LLC raised its holdings in shares of Cadence Design Systems by 2.8% during the 4th quarter. Capital Investment Advisory Services LLC now owns 2,051 shares of the software maker’s stock valued at $616,000 after purchasing an additional 55 shares in the last quarter. Baader Bank Aktiengesellschaft increased its position in Cadence Design Systems by 35.4% during the fourth quarter. Baader Bank Aktiengesellschaft now owns 31,065 shares of the software maker’s stock worth $9,333,000 after buying an additional 8,130 shares during the last quarter. Manning & Napier Advisors LLC bought a new position in Cadence Design Systems during the fourth quarter valued at about $148,594,000. Finally, Swedbank AB lifted its position in shares of Cadence Design Systems by 4.6% in the fourth quarter. Swedbank AB now owns 1,834,164 shares of the software maker’s stock worth $551,093,000 after buying an additional 80,350 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on CDNS shares. Needham & Company LLC lowered their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Redburn Atlantic started coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 target price on the stock. Wells Fargo & Company initiated coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target for the company. Loop Capital began coverage on Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 price objective for the company. Finally, Robert W. Baird raised their target price on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $329.50.

Insiders Place Their Bets

In other news, CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total transaction of $198,146.00. Following the sale, the vice president now owns 59,311 shares of the company’s stock, valued at $18,080,365.24. This trade represents a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 107,766 shares of company stock worth $33,348,867. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Up 2.7 %

Shares of Cadence Design Systems stock opened at $297.76 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The business has a 50-day moving average of $305.76 and a two-hundred day moving average of $284.65. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The company has a market capitalization of $81.66 billion, a P/E ratio of 78.15, a price-to-earnings-growth ratio of 3.33 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.20. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The firm’s revenue was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.01 earnings per share. As a group, equities analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS 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.