Principal Securities Inc. Boosts Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Principal Securities Inc. lifted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 10.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,742 shares of the software maker’s stock after acquiring an additional 1,010 shares during the quarter. Principal Securities Inc.’s holdings in Cadence Design Systems were worth $3,228,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Legacy Capital Wealth Partners LLC grew its position in shares of Cadence Design Systems by 31.8% in the 4th quarter. Legacy Capital Wealth Partners LLC now owns 1,181 shares of the software maker’s stock worth $355,000 after acquiring an additional 285 shares in the last quarter. Everhart Financial Group Inc. grew its position in shares of Cadence Design Systems by 5.9% in the 4th quarter. Everhart Financial Group Inc. now owns 3,936 shares of the software maker’s stock worth $1,183,000 after acquiring an additional 221 shares in the last quarter. Vivid Wealth Management LLC grew its position in shares of Cadence Design Systems by 3.7% in the 4th quarter. Vivid Wealth Management LLC now owns 7,858 shares of the software maker’s stock worth $2,361,000 after acquiring an additional 277 shares in the last quarter. Center for Financial Planning Inc. acquired a new position in Cadence Design Systems during the 4th quarter valued at approximately $59,000. Finally, AustralianSuper Pty Ltd boosted its position in Cadence Design Systems by 2,353.1% during the 4th quarter. AustralianSuper Pty Ltd now owns 406,682 shares of the software maker’s stock valued at $122,192,000 after purchasing an additional 390,104 shares during the period. 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 CDNS shares. Wells Fargo & Company started coverage on Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective for the company. Loop Capital started coverage on Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 price objective for the company. 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 research report on Tuesday, October 29th. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Finally, Redburn Atlantic initiated coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 price target for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $326.08.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Scannell sold 3,171 shares of the stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $305.78, for a total value of $969,628.38. Following the completion of the sale, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $306.19, for a total transaction of $199,023.50. Following the transaction, the vice president now directly owns 60,461 shares in the company, 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 have sold 108,416 shares of company stock valued at $33,538,875 over the last three months. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Down 0.3 %

Shares of Cadence Design Systems stock opened at $295.19 on Tuesday. The stock’s fifty day moving average is $303.30 and its 200-day moving average is $286.56. The firm has a market capitalization of $80.96 billion, a PE ratio of 77.48, a price-to-earnings-growth ratio of 3.50 and a beta of 1.03. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99.

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.