Choreo LLC Increases Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Choreo LLC raised its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 12.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,761 shares of the software maker’s stock after buying an additional 632 shares during the quarter. Choreo LLC’s holdings in Cadence Design Systems were worth $1,739,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CDNS. Nisa Investment Advisors LLC increased its holdings in shares of Cadence Design Systems by 132.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock valued at $41,850,000 after acquiring an additional 79,268 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Cadence Design Systems by 48.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock valued at $258,136,000 after acquiring an additional 310,250 shares in the last quarter. Avanza Fonder AB bought a new position in shares of Cadence Design Systems during the fourth quarter valued at $6,046,000. Caisse DE Depot ET Placement DU Quebec bought a new position in shares of Cadence Design Systems during the third quarter valued at $24,026,000. Finally, Zhang Financial LLC bought a new stake in Cadence Design Systems in the 4th quarter worth about $381,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Down 1.1 %

CDNS stock opened at $299.68 on Friday. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The stock has a market cap of $82.19 billion, a P/E ratio of 78.66, a PEG ratio of 3.42 and a beta of 1.03. The business’s 50-day moving average price is $304.73 and its 200-day moving average price is $284.93.

Insider Activity

In related news, CEO Anirudh Devgan sold 93,151 shares of the business’s 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 transaction, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. The trade was a 62.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul Scannell sold 3,171 shares of the business’s stock in a transaction that occurred 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 transaction, the vice president now directly owns 14,318 shares in the company, valued at approximately $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 a total of 108,416 shares of company stock valued at $33,538,875 in the last ninety days. Corporate insiders own 0.62% of the company’s stock.

Analysts Set New Price Targets

CDNS has been the subject of several research analyst reports. Mizuho lifted their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Robert W. Baird lifted their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Wells Fargo & Company assumed coverage on Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective for the company. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday. Finally, Needham & Company LLC dropped their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $329.50.

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.