Meeder Advisory Services Inc. Increases Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Meeder Advisory Services Inc. increased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,290 shares of the software maker’s stock after purchasing an additional 46 shares during the quarter. Meeder Advisory Services Inc.’s holdings in Cadence Design Systems were worth $2,190,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of CDNS. Principal Financial Group Inc. lifted its position in shares of 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 purchasing an additional 501,833 shares during the period. D.A. Davidson & CO. lifted its holdings in Cadence Design Systems by 17.1% during the third quarter. D.A. Davidson & CO. now owns 1,644 shares of the software maker’s stock worth $446,000 after buying an additional 240 shares during the period. Public Sector Pension Investment Board boosted its position in Cadence Design Systems by 16.3% during the 3rd quarter. Public Sector Pension Investment Board now owns 12,098 shares of the software maker’s stock valued at $3,279,000 after acquiring an additional 1,700 shares in the last quarter. Benjamin Edwards Inc. increased its holdings in shares of Cadence Design Systems by 8,852.4% in the 3rd quarter. Benjamin Edwards Inc. now owns 18,979 shares of the software maker’s stock valued at $5,144,000 after acquiring an additional 18,767 shares during the period. Finally, HighTower Advisors LLC raised its position in shares of Cadence Design Systems by 3.4% in the 3rd quarter. HighTower Advisors LLC now owns 41,916 shares of the software maker’s stock worth $11,388,000 after acquiring an additional 1,393 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, 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 transaction of $28,876,810.00. Following the completion of the transaction, the chief executive officer now owns 55,874 shares in the company, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $292.32, for a total value of $190,008.00. Following the completion of the transaction, the vice president now directly owns 58,773 shares of the company’s stock, valued at approximately $17,180,523.36. This trade represents a 1.09 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 94,451 shares of company stock worth $29,231,093. Company insiders own 1.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CDNS. Bank of America dropped their price objective on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. Oppenheimer cut their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research report on Wednesday, March 19th. Loop Capital reduced their price objective on shares of 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. Robert W. Baird lowered their target price on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research note on Thursday, February 20th. Finally, StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $324.83.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $264.94 on Thursday. The business has a fifty day moving average of $271.35 and a 200 day moving average of $284.21. Cadence Design Systems, Inc. has a 1 year low of $230.09 and a 1 year high of $328.99. 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 capitalization of $72.68 billion, a price-to-earnings ratio of 68.64, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data 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 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%. As a group, research analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

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.