Lake Street Advisors Group LLC Purchases 93 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Lake Street Advisors Group LLC increased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.6% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 2,655 shares of the software maker’s stock after buying an additional 93 shares during the period. Lake Street Advisors Group LLC’s holdings in Cadence Design Systems were worth $798,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. State Street Corp raised its position in shares of Cadence Design Systems by 0.5% in the 3rd quarter. State Street Corp now owns 11,922,747 shares of the software maker’s stock worth $3,231,422,000 after acquiring an additional 60,490 shares in the last quarter. Jennison Associates LLC grew its stake in Cadence Design Systems by 5.3% during the fourth 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 during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Cadence Design Systems by 0.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,988,851 shares of the software maker’s stock worth $1,081,098,000 after purchasing an additional 37,452 shares in the last quarter. Nordea Investment Management AB lifted its stake in Cadence Design Systems by 6.5% in the fourth 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 during the period. Finally, Van ECK Associates Corp boosted its holdings in shares of Cadence Design Systems by 26.1% during the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock worth $689,472,000 after buying an additional 572,251 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Piper Sandler boosted their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Needham & Company LLC reaffirmed a “buy” rating and issued a $325.00 price target on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Rosenblatt Securities increased their price objective on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Mizuho boosted their target price on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Finally, Wells Fargo & Company assumed coverage on Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target on the stock. One research 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.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $326.92.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $254.38 on Thursday. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The business has a 50 day moving average price of $297.15 and a 200-day moving average price of $286.99. The company has a market cap of $69.73 billion, a PE ratio of 65.90, a price-to-earnings-growth ratio of 3.88 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. Equities analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Activity

In other news, VP Paul Scannell sold 3,171 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at $4,378,158.04. This represents a 18.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Paul Cunningham sold 650 shares of the 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 sale, the vice president now directly owns 60,461 shares of the company’s stock, valued at $18,512,553.59. The trade was a 1.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 108,416 shares of company stock worth $33,538,875 over the last quarter. Insiders own 1.99% of the company’s stock.

Cadence Design Systems 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.