Golden State Wealth Management LLC Takes Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Golden State Wealth Management LLC acquired a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 4th quarter, Holdings Channel.com reports. The fund acquired 92 shares of the software maker’s stock, valued at approximately $28,000.

Other institutional investors also recently modified their holdings of the company. Nisa Investment Advisors LLC boosted its position in shares of Cadence Design Systems by 132.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock valued at $41,850,000 after buying an additional 79,268 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Cadence Design Systems by 48.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock valued at $258,136,000 after buying an additional 310,250 shares during the last quarter. Avanza Fonder AB purchased a new stake in shares of Cadence Design Systems during the fourth quarter valued at $6,046,000. Caisse DE Depot ET Placement DU Quebec purchased a new stake in shares of Cadence Design Systems during the third quarter valued at $24,026,000. Finally, Zhang Financial LLC purchased a new stake in shares of Cadence Design Systems during the fourth quarter valued at $381,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $306.19, for a total value of $199,023.50. Following the transaction, the vice president now owns 60,461 shares in the company, valued at $18,512,553.59. This trade represents a 1.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock worth $33,538,875 over the last quarter. 1.99% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on CDNS shares. Mizuho raised their target price on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Redburn Atlantic started coverage on Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective on the stock. Robert W. Baird boosted their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Finally, Needham & Company LLC lowered their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $329.50.

Cadence Design Systems Stock Down 0.6 %

Shares of CDNS stock opened at $303.87 on Wednesday. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The firm has a market capitalization of $83.34 billion, a PE ratio of 79.76, a P/E/G ratio of 3.50 and a beta of 1.03. The stock’s 50-day simple moving average is $304.50 and its 200-day simple moving average is $285.50.

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.