LGT Group Foundation Boosts Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

LGT Group Foundation increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 8,636 shares of the software maker’s stock after buying an additional 482 shares during the period. LGT Group Foundation’s holdings in Cadence Design Systems were worth $2,595,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Golden State Wealth Management LLC purchased a new stake in Cadence Design Systems during the fourth quarter worth about $28,000. Missouri Trust & Investment Co bought a new position in Cadence Design Systems during the third quarter worth about $27,000. MidAtlantic Capital Management Inc. bought a new position in Cadence Design Systems during the third quarter worth about $28,000. Versant Capital Management Inc boosted its position in Cadence Design Systems by 164.2% during the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after purchasing an additional 87 shares during the period. Finally, Prestige Wealth Management Group LLC boosted its position in Cadence Design Systems by 56.6% during the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after purchasing an additional 60 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on CDNS shares. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Redburn Atlantic started coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 target price for the company. Mizuho increased their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Robert W. Baird cut their target price on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research report on Thursday, February 20th. Finally, Rosenblatt Securities raised their price objective on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $326.92.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, CFO John M. Wall sold 4,224 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $309.03, for a total transaction of $1,305,342.72. Following the transaction, the chief financial officer now directly owns 29,248 shares of the company’s stock, valued at approximately $9,038,509.44. This trade represents a 12.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Paul Scannell sold 3,171 shares of Cadence Design Systems stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $305.78, for a total transaction of $969,628.38. Following the transaction, the vice president now directly owns 14,318 shares in the company, valued at $4,378,158.04. This trade represents a 18.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 107,766 shares of company stock worth $33,339,852 over the last three months. 1.99% of the stock is owned by insiders.

Cadence Design Systems Trading Down 3.5 %

Shares of Cadence Design Systems stock opened at $241.74 on Tuesday. Cadence Design Systems, Inc. has a 1 year low of $240.35 and a 1 year high of $328.99. The firm has a market cap of $66.26 billion, a PE ratio of 62.63, a PEG ratio of 3.88 and a beta of 1.03. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The company has a 50 day simple moving average of $293.85 and a two-hundred day simple moving average of $286.55.

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

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.