Smartleaf Asset Management LLC Acquires 1,151 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Smartleaf Asset Management LLC lifted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 54.7% in the 4th quarter, Holdings Channel reports. The firm owned 3,256 shares of the software maker’s stock after acquiring an additional 1,151 shares during the period. Smartleaf Asset Management LLC’s holdings in Cadence Design Systems were worth $983,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Principal Financial Group Inc. raised its position in Cadence Design Systems by 10.7% during the fourth quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker’s stock valued at $672,300,000 after purchasing an additional 216,075 shares in the last quarter. Pittenger & Anderson Inc. increased its position in shares of Cadence Design Systems by 50.1% during the 4th quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker’s stock valued at $1,589,000 after purchasing an additional 1,766 shares during the last quarter. Meridiem Investment Management Ltd. raised its holdings in shares of Cadence Design Systems by 64.3% during the 4th quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker’s stock valued at $235,625,000 after buying an additional 306,887 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in Cadence Design Systems by 132.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock worth $41,850,000 after buying an additional 79,268 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in Cadence Design Systems by 48.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after buying an additional 310,250 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Trading Up 0.8 %

NASDAQ CDNS opened at $250.50 on Monday. The stock has a market cap of $68.66 billion, a P/E ratio of 64.90, a price-to-earnings-growth ratio of 3.88 and a beta of 1.03. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. The stock has a 50 day simple moving average of $295.10 and a two-hundred day simple moving average of $286.82. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93.

Cadence Design Systems (NASDAQ:CDNS) last announced 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 business had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. On average, analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have commented on CDNS shares. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They set a “buy” rating and a $350.00 price target on the stock. Loop Capital decreased their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. Wells Fargo & Company began coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target for the company. Needham & Company LLC reiterated a “buy” rating and issued a $325.00 price objective on shares of Cadence Design Systems in a report on Wednesday, February 19th. Finally, StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. One investment 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 data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $326.92.

Insider Activity

In other news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the transaction, the chief executive officer now 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Paul Scannell sold 3,171 shares of Cadence Design Systems 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 sale, the vice president now owns 14,318 shares in the company, valued at $4,378,158.04. This represents a 18.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 107,766 shares of company stock valued at $33,339,852. Corporate 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.