Center for Financial Planning Inc. Invests $59,000 in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Center for Financial Planning Inc. acquired a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the fourth quarter, HoldingsChannel reports. The fund acquired 195 shares of the software maker’s stock, valued at approximately $59,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Missouri Trust & Investment Co bought a new position in shares of Cadence Design Systems during the third quarter valued at approximately $27,000. MidAtlantic Capital Management Inc. bought a new position in shares of Cadence Design Systems during the third quarter valued at approximately $28,000. Golden State Wealth Management LLC bought a new position in shares of Cadence Design Systems during the fourth quarter valued at approximately $28,000. Versant Capital Management Inc boosted its stake in shares of Cadence Design Systems by 164.2% during the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after purchasing an additional 87 shares in the last quarter. Finally, Prestige Wealth Management Group LLC boosted its stake in shares of 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 valued at $45,000 after purchasing an additional 60 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CEO Anirudh Devgan sold 5,920 shares of the firm’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the completion of the transaction, the chief executive officer now owns 55,874 shares of the company’s stock, valued at $16,987,930.96. This trade represents a 9.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total transaction of $190,008.00. Following the transaction, the vice president now directly owns 58,773 shares of the company’s stock, valued at approximately $17,180,523.36. This trade represents a 1.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 108,416 shares of company stock valued at $33,538,875 over the last 90 days. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Down 0.3 %

NASDAQ:CDNS opened at $295.19 on Friday. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The firm has a fifty day simple moving average of $303.55 and a 200-day simple moving average of $285.94. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $80.96 billion, a P/E ratio of 77.48, a PEG ratio of 3.50 and a beta of 1.03.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on CDNS shares. Mizuho increased their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Needham & Company LLC lowered their target price on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Robert W. Baird raised their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Finally, StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average target price of $326.08.

About Cadence Design Systems

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.