Chicago Capital LLC Buys 1,364 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Chicago Capital LLC increased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.9% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 48,776 shares of the software maker’s stock after acquiring an additional 1,364 shares during the period. Chicago Capital LLC’s holdings in Cadence Design Systems were worth $14,655,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of CDNS. Missouri Trust & Investment Co bought a new stake in shares of Cadence Design Systems during the 3rd quarter worth approximately $27,000. MidAtlantic Capital Management Inc. bought a new stake in shares of Cadence Design Systems during the 3rd quarter worth approximately $28,000. Versant Capital Management Inc lifted its stake in shares of Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after acquiring an additional 87 shares during the last quarter. Prestige Wealth Management Group LLC lifted its stake in shares of Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after acquiring an additional 60 shares during the last quarter. Finally, Meeder Asset Management Inc. lifted its stake in shares of Cadence Design Systems by 30.3% during the 3rd quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock worth $55,000 after acquiring an additional 47 shares during the last quarter. 84.85% of the stock is owned by institutional investors.

Insider Activity

In related news, CFO John M. Wall sold 4,224 shares of the company’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total value of $1,305,342.72. Following the completion of the transaction, the chief financial officer now owns 29,248 shares of the company’s stock, valued at approximately $9,038,509.44. This represents a 12.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Anirudh Devgan sold 5,920 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total value of $1,799,916.80. Following the sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $16,987,930.96. This trade represents a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 107,766 shares of company stock valued at $33,348,867 in the last quarter. 0.62% of the stock is currently owned by company insiders.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $297.62 on Monday. The stock has a 50-day moving average of $305.30 and a two-hundred day moving average of $284.42. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year 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. The stock has a market cap of $81.63 billion, a P/E ratio of 78.12, a P/E/G ratio of 3.42 and a beta of 1.03.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on CDNS shares. Loop Capital started coverage on 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. Wells Fargo & Company started 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. Robert W. Baird lifted their target price on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. StockNews.com raised Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Wednesday, January 29th. Finally, Redburn Atlantic started coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 target price for the company. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average 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.