Kestra Private Wealth Services LLC Increases Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Kestra Private Wealth Services LLC raised its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.3% in the 4th quarter, HoldingsChannel.com reports. The firm owned 16,132 shares of the software maker’s stock after purchasing an additional 1,375 shares during the quarter. Kestra Private Wealth Services LLC’s holdings in Cadence Design Systems were worth $4,847,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Missouri Trust & Investment Co acquired a new position in Cadence Design Systems in the third quarter valued at $27,000. MidAtlantic Capital Management Inc. acquired a new position in shares of Cadence Design Systems in the 3rd quarter valued at about $28,000. Golden State Wealth Management LLC acquired a new stake in Cadence Design Systems during the 4th quarter worth approximately $28,000. Versant Capital Management Inc raised its holdings in Cadence Design Systems by 164.2% in the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after buying an additional 87 shares during the period. Finally, Prestige Wealth Management Group LLC lifted its position in Cadence Design Systems by 56.6% during the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after buying an additional 60 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

CDNS opened at $305.63 on Tuesday. The company has a market capitalization of $83.82 billion, a P/E ratio of 80.22, a PEG ratio of 3.50 and a beta of 1.03. The company has a 50-day moving average of $304.59 and a 200-day moving average of $285.16. 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 1-year low of $241.29 and a 1-year high of $328.99.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 5,920 shares of the business’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 owns 55,874 shares in the company, valued at $16,987,930.96. The trade was a 9.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $306.19, for a total transaction of $199,023.50. Following the completion of the transaction, the vice president now owns 60,461 shares in the company, valued at approximately $18,512,553.59. The trade was a 1.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 108,416 shares of company stock valued at $33,538,875 over the last three months. 1.99% of the stock is owned by insiders.

Analysts Set New Price Targets

CDNS has been the topic of a number of research reports. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price on the stock. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. 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. Berenberg Bank began coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target on the stock. Finally, Needham & Company LLC dropped their price objective on shares of 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. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems 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.