Portfolio Design Labs LLC Invests $241,000 in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Portfolio Design Labs LLC acquired a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 802 shares of the software maker’s stock, valued at approximately $241,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Golden State Wealth Management LLC acquired a new stake in shares of Cadence Design Systems during the 4th quarter worth $28,000. Missouri Trust & Investment Co acquired a new stake in Cadence Design Systems in the 3rd quarter valued at $27,000. MidAtlantic Capital Management Inc. acquired a new stake in Cadence Design Systems in the 3rd quarter valued at $28,000. Versant Capital Management Inc increased its holdings in Cadence Design Systems by 164.2% in 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. Finally, Prestige Wealth Management Group LLC increased 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 valued at $45,000 after purchasing an additional 60 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $294.05 on Thursday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99. The company’s 50-day simple moving average is $304.31 and its 200-day simple moving average is $285.81. The stock has a market capitalization of $80.65 billion, a price-to-earnings ratio of 77.18, a PEG ratio of 3.50 and a beta of 1.03.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $306.19, for a total transaction of $199,023.50. Following the transaction, the vice president now owns 60,461 shares of the company’s stock, valued at approximately $18,512,553.59. This trade represents a 1.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Paul Scannell sold 3,171 shares of the stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $305.78, for a total transaction of $969,628.38. Following the transaction, the vice president now directly owns 14,318 shares in the company, valued at $4,378,158.04. The trade was a 18.13 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 108,416 shares of company stock valued at $33,538,875. Insiders own 1.99% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 29th. Mizuho increased their price target on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Redburn Atlantic assumed coverage on Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 price target for the company. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Finally, Loop Capital began coverage on Cadence Design Systems in a report on Monday, November 11th. They issued a “buy” rating and a $360.00 price target for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $329.50.

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.