Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by Bridges Investment Management Inc.

Bridges Investment Management Inc. grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 111.2% in the 4th quarter, Holdings Channel.com reports. The fund owned 153,299 shares of the software maker’s stock after buying an additional 80,727 shares during the period. Bridges Investment Management Inc.’s holdings in Cadence Design Systems were worth $46,060,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in CDNS. Principal Financial Group Inc. increased its position in shares of Cadence Design Systems by 10.7% in the 4th quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker’s stock valued at $672,300,000 after acquiring an additional 216,075 shares during the period. Pittenger & Anderson Inc. increased its holdings in shares of Cadence Design Systems by 50.1% in the fourth quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker’s stock valued at $1,589,000 after purchasing an additional 1,766 shares during the period. Meridiem Investment Management Ltd. raised its stake in shares of Cadence Design Systems by 64.3% in the fourth quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker’s stock worth $235,625,000 after purchasing an additional 306,887 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in Cadence Design Systems by 132.1% in the fourth quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock valued at $41,850,000 after buying an additional 79,268 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in Cadence Design Systems by 48.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after buying an additional 310,250 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Scannell sold 3,171 shares of the company’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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total value of $190,008.00. Following the transaction, the vice president now owns 58,773 shares in the company, valued at approximately $17,180,523.36. The trade was a 1.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 108,416 shares of company stock valued at $33,538,875 over the last 90 days. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Stock Up 0.8 %

CDNS opened at $250.50 on Friday. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99. The company has a market cap of $68.66 billion, a PE ratio of 64.90, a price-to-earnings-growth ratio of 3.88 and a beta of 1.03. The company has a 50-day moving average price of $295.10 and a 200 day moving average price of $286.72.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CDNS shares. Robert W. Baird dropped their price objective on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a report on Thursday, February 20th. Redburn Atlantic began coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 price target on the stock. Loop Capital reduced their price objective 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. Mizuho upped their target price on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $325.00 price target on shares of Cadence Design Systems in a report on Wednesday, February 19th. 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.com, the company currently has an average rating of “Moderate Buy” and an average price target of $326.92.

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.