New Century Financial Group LLC Grows Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

New Century Financial Group LLC boosted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 14.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,582 shares of the software maker’s stock after acquiring an additional 332 shares during the period. New Century Financial Group LLC’s holdings in Cadence Design Systems were worth $785,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of CDNS. Nisa Investment Advisors LLC lifted its holdings in shares of Cadence Design Systems by 132.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock valued at $41,850,000 after purchasing an additional 79,268 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in Cadence Design Systems by 48.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock valued at $258,136,000 after buying an additional 310,250 shares in the last quarter. Avanza Fonder AB purchased a new position in Cadence Design Systems during the fourth quarter valued at $6,046,000. Caisse DE Depot ET Placement DU Quebec bought a new stake in Cadence Design Systems in the third quarter worth $24,026,000. Finally, Zhang Financial LLC purchased a new stake in shares of Cadence Design Systems in the fourth quarter worth $381,000. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Up 0.9 %

CDNS stock opened at $324.52 on Friday. The business’s 50-day moving average is $305.09 and its two-hundred day moving average is $285.05. The company has a market cap of $89.00 billion, a price-to-earnings ratio of 85.18, a P/E/G ratio of 3.58 and a beta of 1.04. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45.

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

Insider Transactions at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Friday, November 1st. The stock was sold at an average price of $276.00, for a total transaction of $179,400.00. Following the transaction, the vice president now directly owns 61,111 shares in the company, valued at approximately $16,866,636. The trade was a 1.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Paul Scannell sold 3,171 shares of the business’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $305.78, for a total value of $969,628.38. Following the sale, the vice president now directly owns 14,318 shares of the company’s stock, valued at $4,378,158.04. This represents a 18.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock worth $33,528,267 in the last 90 days. 1.99% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on CDNS shares. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Loop Capital initiated coverage on shares of Cadence Design Systems in a report on Monday, November 11th. They issued a “buy” rating and a $360.00 target price for the company. Robert W. Baird increased their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Mizuho boosted their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Finally, Redburn Atlantic began coverage on Cadence Design Systems in a research note on Monday, January 13th. They set a “buy” rating and a $350.00 target price on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $329.50.

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.