Mirae Asset Global Investments Co. Ltd. Increases Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 114,024 shares of the software maker’s stock after acquiring an additional 7,679 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Cadence Design Systems were worth $34,725,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Missouri Trust & Investment Co purchased a new position in shares of Cadence Design Systems in the 3rd quarter valued at about $27,000. MidAtlantic Capital Management Inc. purchased a new position in shares of Cadence Design Systems in the 3rd quarter valued at about $28,000. Versant Capital Management Inc boosted its stake in shares of Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after buying an additional 87 shares during the period. Prestige Wealth Management Group LLC boosted its stake in shares of Cadence Design Systems by 56.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after buying an additional 60 shares during the period. Finally, Meeder Asset Management Inc. boosted its stake in shares of Cadence Design Systems by 30.3% in the 3rd quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock valued at $55,000 after buying an additional 47 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Trading Up 0.5 %

Shares of CDNS stock opened at $299.67 on Wednesday. The business’s 50 day moving average is $305.02 and its two-hundred day moving average is $284.54. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99. The company has a market capitalization of $82.19 billion, a P/E ratio of 78.65, a price-to-earnings-growth ratio of 3.42 and a beta of 1.03. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54.

Insider Buying and Selling at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 5,920 shares of Cadence Design Systems 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 in the company, valued at $16,987,930.96. The trade was a 9.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $306.19, for a total value of $199,023.50. Following the completion of the sale, the vice president now owns 60,461 shares in the company, valued at approximately $18,512,553.59. This trade represents a 1.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 107,766 shares of company stock worth $33,348,867. 0.62% of the stock is currently owned by insiders.

Analyst Ratings Changes

CDNS has been the subject of several recent research reports. Robert W. Baird lifted their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Loop Capital assumed coverage on Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 target price on the stock. Redburn Atlantic assumed coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 target price on the stock. Wells Fargo & Company assumed coverage on Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price on the stock. Finally, Rosenblatt Securities reissued a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average target price of $329.50.

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.