New Wave Wealth Advisors LLC Acquires New Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

New Wave Wealth Advisors LLC bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 401 shares of the software maker’s stock, valued at approximately $120,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CDNS. Alta Wealth Advisors LLC grew its stake in Cadence Design Systems by 13.2% in the 4th quarter. Alta Wealth Advisors LLC now owns 1,651 shares of the software maker’s stock valued at $496,000 after buying an additional 193 shares during the last quarter. Mediolanum International Funds Ltd increased its stake in shares of 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 purchasing an additional 1,043 shares during the period. Capital Investment Advisory Services LLC increased its stake in shares of Cadence Design Systems by 2.8% in the fourth quarter. Capital Investment Advisory Services LLC now owns 2,051 shares of the software maker’s stock worth $616,000 after purchasing an additional 55 shares during the period. Baader Bank Aktiengesellschaft boosted its stake in Cadence Design Systems by 35.4% during the 4th quarter. Baader Bank Aktiengesellschaft now owns 31,065 shares of the software maker’s stock valued at $9,333,000 after purchasing an additional 8,130 shares during the period. Finally, Manning & Napier Advisors LLC acquired a new stake in Cadence Design Systems in the 4th quarter valued at approximately $148,594,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $306.19, for a total transaction of $199,023.50. Following the completion of the sale, the vice president now directly owns 60,461 shares of the company’s stock, valued at $18,512,553.59. This trade represents a 1.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Paul Scannell sold 3,171 shares of the business’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $305.78, for a total value of $969,628.38. Following the completion of the transaction, the vice president now directly owns 14,318 shares in the company, valued at approximately $4,378,158.04. This represents a 18.13 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 107,766 shares of company stock worth $33,348,867 in the last quarter. 1.99% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

CDNS has been the subject of a number of research analyst reports. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 29th. Robert W. Baird increased their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Redburn Atlantic assumed coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 price target on the stock. Berenberg Bank began coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price for the company. Finally, Mizuho boosted their price target on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $329.50.

Cadence Design Systems Stock Performance

Cadence Design Systems stock opened at $297.62 on Friday. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. 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 stock has a fifty day moving average price of $305.59 and a two-hundred day moving average price of $284.74. The firm has a market capitalization of $81.63 billion, a P/E ratio of 78.12, a P/E/G ratio of 3.33 and a beta of 1.04.

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.