Dana Investment Advisors Inc. Purchases 607 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Dana Investment Advisors Inc. lifted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.0% during the 4th quarter, Holdings Channel reports. The firm owned 10,684 shares of the software maker’s stock after acquiring an additional 607 shares during the period. Dana Investment Advisors Inc.’s holdings in Cadence Design Systems were worth $3,210,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in CDNS. Principal Financial Group Inc. grew its holdings in shares of Cadence Design Systems by 33.0% in the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after purchasing an additional 501,833 shares during the last quarter. Manning & Napier Advisors LLC bought a new stake in Cadence Design Systems in the fourth quarter valued at $148,594,000. Proficio Capital Partners LLC bought a new stake in Cadence Design Systems in the fourth quarter valued at $129,546,000. Jennison Associates LLC boosted its holdings in Cadence Design Systems by 5.3% in the fourth quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock valued at $2,406,760,000 after acquiring an additional 404,076 shares in the last quarter. Finally, AustralianSuper Pty Ltd boosted its holdings in Cadence Design Systems by 2,353.1% in the fourth quarter. AustralianSuper Pty Ltd now owns 406,682 shares of the software maker’s stock valued at $122,192,000 after acquiring an additional 390,104 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the sale, the vice president now directly owns 58,123 shares in the company, valued at approximately $14,689,425.79. This trade represents a 1.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction dated 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 sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 108,416 shares of company stock worth $33,504,126. 1.99% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms recently weighed in on CDNS. Robert W. Baird cut their price target on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a report on Thursday, February 20th. Wells Fargo & Company initiated 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. 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 objective for the company. Loop Capital lowered their price objective on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Finally, StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report 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 stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $326.92.

Cadence Design Systems Price Performance

CDNS opened at $243.21 on Friday. The stock has a 50-day moving average price of $288.68 and a 200-day moving average price of $285.42. 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 firm has a market cap of $66.67 billion, a PE ratio of 63.01, a P/E/G ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 1 year low of $233.72 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly 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). The company 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%. Sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

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.