Relyea Zuckerberg Hanson LLC Takes $213,000 Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Relyea Zuckerberg Hanson LLC bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 708 shares of the software maker’s stock, valued at approximately $213,000.

A number of other hedge funds have also added to or reduced their stakes in CDNS. State Street Corp grew its position in shares of Cadence Design Systems by 0.5% during the 3rd quarter. State Street Corp now owns 11,922,747 shares of the software maker’s stock worth $3,231,422,000 after buying an additional 60,490 shares during the period. Jennison Associates LLC grew its holdings in Cadence Design Systems by 2.7% in the third quarter. Jennison Associates LLC now owns 7,606,175 shares of the software maker’s stock worth $2,061,502,000 after purchasing an additional 198,230 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Cadence Design Systems by 0.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,988,851 shares of the software maker’s stock valued at $1,081,098,000 after purchasing an additional 37,452 shares in the last quarter. Nordea Investment Management AB boosted its position in shares of Cadence Design Systems by 6.5% during the 4th quarter. Nordea Investment Management AB now owns 2,933,392 shares of the software maker’s stock worth $885,356,000 after purchasing an additional 178,212 shares in the last quarter. Finally, Van ECK Associates Corp grew its stake in shares of Cadence Design Systems by 26.1% in the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock valued at $689,472,000 after buying an additional 572,251 shares during the period. 84.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. This represents a 62.51 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $276.00, for a total transaction of $179,400.00. Following the sale, the vice president now directly owns 61,111 shares in the company, valued at $16,866,636. The trade was a 1.05 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 108,416 shares of company stock valued at $33,528,267. 0.62% of the stock is owned by insiders.

Cadence Design Systems Trading Up 2.2 %

NASDAQ:CDNS opened at $305.60 on Friday. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The firm has a 50-day moving average price of $304.43 and a two-hundred day moving average price of $285.37. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The firm has a market cap of $83.81 billion, a price-to-earnings ratio of 80.21, a price-to-earnings-growth ratio of 3.44 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same period last year, the business posted $1.01 earnings per share. Cadence Design Systems’s revenue was up 18.8% on a year-over-year basis. On average, equities analysts expect that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on CDNS shares. Needham & Company LLC dropped their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Berenberg Bank began coverage on Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price on the stock. Robert W. Baird boosted their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Mizuho raised their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Finally, Loop Capital initiated coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 target price for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus target price of $329.50.

About Cadence Design Systems

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.