Park Avenue Securities LLC Grows Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Park Avenue Securities LLC raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 17.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,427 shares of the software maker’s stock after purchasing an additional 3,366 shares during the quarter. Park Avenue Securities LLC’s holdings in Cadence Design Systems were worth $6,738,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Assenagon Asset Management S.A. raised its holdings in shares of Cadence Design Systems by 0.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 243,187 shares of the software maker’s stock worth $73,068,000 after buying an additional 1,989 shares during the period. Board of the Pension Protection Fund bought a new position in Cadence Design Systems in the 4th quarter worth about $541,000. Fifth Third Wealth Advisors LLC boosted its holdings in shares of Cadence Design Systems by 4.2% in the fourth quarter. Fifth Third Wealth Advisors LLC now owns 5,773 shares of the software maker’s stock valued at $1,735,000 after purchasing an additional 234 shares during the period. Ignite Planners LLC bought a new position in Cadence Design Systems in the fourth quarter worth approximately $205,000. Finally, Marcum Wealth LLC raised its position in Cadence Design Systems by 4.1% during the 4th quarter. Marcum Wealth LLC now owns 1,123 shares of the software maker’s stock valued at $337,000 after purchasing an additional 44 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

CDNS has been the topic of a number of research reports. Oppenheimer initiated coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price on the stock. Mizuho upped their target price on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Needham & Company LLC cut their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Loop Capital assumed coverage on Cadence Design Systems in a research note on Monday, November 11th. They set a “buy” rating and a $360.00 price objective for the company. Finally, Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. One 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. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $329.50.

Insider Activity

In other news, CFO John M. Wall sold 4,224 shares of the company’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $309.03, for a total value of $1,305,342.72. Following the sale, the chief financial officer now directly owns 29,248 shares of the company’s stock, valued at $9,038,509.44. This represents a 12.62 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Anirudh Devgan sold 5,920 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $16,987,930.96. The trade was a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 108,416 shares of company stock valued at $33,528,267. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Up 2.2 %

CDNS stock opened at $300.72 on Thursday. The stock has a market capitalization of $82.48 billion, a PE ratio of 78.93, a price-to-earnings-growth ratio of 4.16 and a beta of 1.04. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week 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 firm has a 50 day moving average of $304.32 and a 200 day moving average of $285.20.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the previous year, the firm posted $1.01 earnings per share. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. Sell-side analysts forecast that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

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.