Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Vestmark Advisory Solutions Inc.

Vestmark Advisory Solutions Inc. increased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 22.1% in the fourth quarter, Holdings Channel reports. The firm owned 3,054 shares of the software maker’s stock after acquiring an additional 552 shares during the period. Vestmark Advisory Solutions Inc.’s holdings in Cadence Design Systems were worth $918,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Raymond James Financial Inc. purchased a new position in Cadence Design Systems in the 4th quarter worth approximately $171,991,000. Principal Financial Group Inc. boosted its holdings in Cadence Design Systems by 33.0% in the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after acquiring an additional 501,833 shares during the period. Manning & Napier Advisors LLC purchased a new position in Cadence Design Systems in the 4th quarter worth approximately $148,594,000. Proficio Capital Partners LLC purchased a new position in Cadence Design Systems in the 4th quarter worth approximately $129,546,000. Finally, Jennison Associates LLC boosted its holdings in Cadence Design Systems by 5.3% in the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock worth $2,406,760,000 after acquiring an additional 404,076 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 equities analysts have weighed in on CDNS shares. Wells Fargo & Company started coverage on Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target for the company. Rosenblatt Securities increased their target price on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Mizuho increased their target price on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Loop Capital reduced their target price on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $325.00 target price on shares of Cadence Design Systems in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $326.92.

Cadence Design Systems Stock Performance

CDNS stock opened at $243.21 on Friday. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The firm has a market cap of $66.67 billion, a P/E ratio of 63.01, a P/E/G ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 12-month low of $233.72 and a 12-month high of $328.99. The stock’s 50 day simple moving average is $288.68 and its 200 day simple moving average is $285.42.

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 firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. As a group, equities research analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insiders Place Their Bets

In other Cadence Design Systems news, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total value of $1,799,916.80. Following the sale, the chief executive officer now directly 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 filing with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Scannell sold 3,171 shares of the stock in a transaction on Friday, December 13th. The stock was 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 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. Insiders have sold 108,416 shares of company stock valued at $33,504,126 over the last three months. Company insiders own 1.99% of the company’s stock.

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.