Capital Market Strategies LLC Raises Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Capital Market Strategies LLC lifted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 15.7% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 1,545 shares of the software maker’s stock after purchasing an additional 210 shares during the period. Capital Market Strategies LLC’s holdings in Cadence Design Systems were worth $464,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Missouri Trust & Investment Co purchased a new position in shares of Cadence Design Systems during the third quarter valued at about $27,000. MidAtlantic Capital Management Inc. purchased a new stake in shares of Cadence Design Systems in the third quarter worth $28,000. Versant Capital Management Inc increased its stake in Cadence Design Systems by 164.2% during the 4th 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. Prestige Wealth Management Group LLC raised its holdings in Cadence Design Systems by 56.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after acquiring an additional 60 shares during the last quarter. Finally, Meeder Asset Management Inc. boosted its position in shares of Cadence Design Systems by 30.3% during the third quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock valued at $55,000 after buying an additional 47 shares during the last quarter. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS traded up $6.92 on Monday, hitting $310.78. 730,575 shares of the company were exchanged, compared to its average volume of 1,000,482. The stock’s 50 day moving average price is $301.62 and its 200 day moving average price is $285.78. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99. 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 firm has a market capitalization of $85.24 billion, a P/E ratio of 81.57, a price-to-earnings-growth ratio of 4.19 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same period last year, the business posted $1.01 earnings per share. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. Sell-side analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Oppenheimer assumed coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective for the company. 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 target price on the stock. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Mizuho increased their price target on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Finally, Needham & Company LLC dropped their target price on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $327.92.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, CFO John M. Wall sold 4,224 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total value of $1,305,342.72. Following the completion of the transaction, the chief financial officer now directly owns 29,248 shares of the company’s stock, valued at approximately $9,038,509.44. The trade was a 12.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Paul Scannell sold 3,171 shares of the firm’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $305.78, for a total transaction of $969,628.38. Following the sale, the vice president now owns 14,318 shares in the company, valued at approximately $4,378,158.04. This represents a 18.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,220 shares of company stock worth $3,085,474 over the last 90 days. 1.99% of the stock is currently owned by company insiders.

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.