Evermay Wealth Management LLC Takes $112,000 Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Evermay Wealth Management LLC acquired a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the fourth quarter, HoldingsChannel.com reports. The institutional investor acquired 412 shares of the software maker’s stock, valued at approximately $112,000.

Several other institutional investors have also recently modified their holdings of CDNS. DekaBank Deutsche Girozentrale lifted its position in shares of Cadence Design Systems by 34.5% in the third quarter. DekaBank Deutsche Girozentrale now owns 386,993 shares of the software maker’s stock valued at $91,775,000 after acquiring an additional 99,251 shares in the last quarter. USA Financial Formulas boosted its stake in shares of Cadence Design Systems by 380.7% during the 4th quarter. USA Financial Formulas now owns 8,922 shares of the software maker’s stock worth $2,430,000 after purchasing an additional 7,066 shares during the last quarter. Miracle Mile Advisors LLC purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth about $934,000. Dai ichi Life Insurance Company Ltd raised its position in shares of Cadence Design Systems by 10.8% in the fourth quarter. Dai ichi Life Insurance Company Ltd now owns 65,971 shares of the software maker’s stock valued at $17,969,000 after buying an additional 6,422 shares during the last quarter. Finally, Pacer Advisors Inc. lifted its stake in shares of Cadence Design Systems by 9.4% during the fourth quarter. Pacer Advisors Inc. now owns 40,409 shares of the software maker’s stock valued at $11,006,000 after buying an additional 3,484 shares during the period. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Trading Down 0.1 %

Shares of NASDAQ:CDNS traded down $0.41 during trading on Monday, reaching $294.28. 957,100 shares of the stock were exchanged, compared to its average volume of 1,524,869. Cadence Design Systems, Inc. has a 12-month low of $208.50 and a 12-month high of $327.36. The firm’s 50-day moving average price is $296.25 and its 200 day moving average price is $287.54. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32. The firm has a market cap of $80.08 billion, a price-to-earnings ratio of 76.64, a price-to-earnings-growth ratio of 3.60 and a beta of 1.06.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same period in the previous year, the firm earned $1.02 earnings per share. Cadence Design Systems’s revenue for the quarter was down 1.2% on a year-over-year basis. On average, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on CDNS shares. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Friday, May 17th. Morgan Stanley upgraded Cadence Design Systems from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $260.00 to $350.00 in a research report on Wednesday, February 14th. Stifel Nicolaus lifted their price target on Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, February 13th. Robert W. Baird increased their price objective on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a report on Thursday, April 18th. Finally, KeyCorp boosted their target price on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $326.11.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Aneel Zaman sold 1,207 shares of the business’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $366,807.30. Following the transaction, the vice president now owns 61,150 shares in the company, valued at $18,583,485. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Cadence Design Systems news, VP Aneel Zaman sold 1,207 shares of the stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $366,807.30. Following the completion of the sale, the vice president now owns 61,150 shares of the company’s stock, valued at $18,583,485. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Anirudh Devgan sold 1,454 shares of the business’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $441,870.60. Following the transaction, the chief executive officer now directly owns 136,455 shares in the company, valued at $41,468,674.50. The disclosure for this sale can be found here. In the last three months, insiders sold 109,298 shares of company stock worth $33,247,394. Corporate insiders own 1.99% of the company’s stock.

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.