1,435 Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS) Purchased by Clare Market Investments LLC

Clare Market Investments LLC acquired a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 1,435 shares of the software maker’s stock, valued at approximately $431,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Independent Advisor Alliance grew its position in Cadence Design Systems by 119.7% in the 4th quarter. Independent Advisor Alliance now owns 3,660 shares of the software maker’s stock worth $1,100,000 after purchasing an additional 1,994 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Cadence Design Systems by 4.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 209,463 shares of the software maker’s stock worth $62,935,000 after purchasing an additional 8,570 shares during the last quarter. Sound View Wealth Advisors Group LLC grew its position in Cadence Design Systems by 22.7% in the 4th quarter. Sound View Wealth Advisors Group LLC now owns 1,458 shares of the software maker’s stock worth $438,000 after purchasing an additional 270 shares during the last quarter. Retirement Solution LLC bought a new position in Cadence Design Systems in the 4th quarter worth about $1,077,000. Finally, OFI Invest Asset Management bought a new position in Cadence Design Systems in the 4th quarter worth about $46,000. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Down 3.8 %

Shares of NASDAQ:CDNS opened at $233.96 on Tuesday. The stock has a market capitalization of $64.13 billion, a price-to-earnings ratio of 60.61, a PEG ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 1-year low of $231.51 and a 1-year high of $328.99. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The company has a 50 day moving average price of $287.32 and a 200 day moving average price of $285.16.

Cadence Design Systems (NASDAQ:CDNS) last issued 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 business 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 anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Buying and Selling

In other Cadence Design Systems news, VP Paul Scannell sold 3,171 shares of the business’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $305.78, for a total transaction of $969,628.38. Following the sale, the vice president now directly owns 14,318 shares of the company’s stock, valued at $4,378,158.04. The trade was a 18.13 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 108,416 shares of company stock valued at $33,504,126. Company insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price for the company. Robert W. Baird decreased their price objective on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. Redburn Atlantic began coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective for the company. Needham & Company LLC reiterated a “buy” rating and issued a $325.00 price objective on shares of Cadence Design Systems in a report on Wednesday, February 19th. Finally, Rosenblatt Securities increased their price objective on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $326.92.

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.