Concord Asset Management LLC VA Acquires 1,410 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Concord Asset Management LLC VA increased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 43.6% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 4,643 shares of the software maker’s stock after purchasing an additional 1,410 shares during the period. Concord Asset Management LLC VA’s holdings in Cadence Design Systems were worth $1,395,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. Cetera Investment Advisers grew its holdings in shares of Cadence Design Systems by 7.7% during the 2nd quarter. Cetera Investment Advisers now owns 53,659 shares of the software maker’s stock valued at $16,513,000 after purchasing an additional 3,843 shares during the last quarter. Sanctuary Advisors LLC acquired a new position in shares of Cadence Design Systems during the second quarter worth $4,661,000. Centaurus Financial Inc. lifted its stake in shares of Cadence Design Systems by 25.8% in the 2nd quarter. Centaurus Financial Inc. now owns 1,155 shares of the software maker’s stock valued at $356,000 after acquiring an additional 237 shares during the last quarter. Czech National Bank grew its position in Cadence Design Systems by 7.6% during the 3rd quarter. Czech National Bank now owns 55,780 shares of the software maker’s stock worth $15,118,000 after acquiring an additional 3,923 shares during the last quarter. Finally, SG Americas Securities LLC raised its position in Cadence Design Systems by 17.9% in the third quarter. SG Americas Securities LLC now owns 63,716 shares of the software maker’s stock valued at $17,269,000 after purchasing an additional 9,694 shares during the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CDNS has been the subject of several recent research reports. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They set a “buy” rating and a $350.00 price target on the stock. Wells Fargo & Company initiated coverage on Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price for the company. Mizuho raised their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Finally, Needham & Company LLC decreased their target price on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research report on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average price target of $329.50.

Insider Buying and Selling

In other Cadence Design Systems news, CEO Anirudh Devgan sold 5,920 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $16,987,930.96. This trade represents a 9.58 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Paul Scannell sold 3,171 shares of the stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $305.78, for a total transaction of $969,628.38. Following the completion of the sale, the vice president now owns 14,318 shares of the company’s stock, valued at approximately $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 a total of 107,766 shares of company stock worth $33,348,867 in the last ninety days. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Down 0.0 %

Shares of NASDAQ:CDNS opened at $297.62 on Friday. 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, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. The business’s 50 day simple moving average is $305.59 and its two-hundred day simple moving average is $284.74. The firm has a market cap of $81.63 billion, a P/E ratio of 78.12, a PEG ratio of 3.33 and a beta of 1.04.

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.