Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by Tranquility Partners LLC

Tranquility Partners LLC boosted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 37.3% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,959 shares of the software maker’s stock after acquiring an additional 532 shares during the period. Tranquility Partners LLC’s holdings in Cadence Design Systems were worth $589,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CDNS. Avior Wealth Management LLC grew its stake in shares of Cadence Design Systems by 12.4% in the 4th quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock valued at $98,000 after purchasing an additional 36 shares during the last quarter. Dudley Capital Management LLC grew its position in Cadence Design Systems by 4.3% in the 3rd quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock valued at $257,000 after buying an additional 39 shares during the last quarter. Trust Point Inc. increased its stake in Cadence Design Systems by 2.9% in the 3rd quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock valued at $379,000 after buying an additional 40 shares during the period. Falcon Wealth Planning raised its position in Cadence Design Systems by 5.1% during the 3rd quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock worth $222,000 after buying an additional 40 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC lifted its stake in shares of Cadence Design Systems by 0.7% in the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock worth $1,501,000 after acquiring an additional 40 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Down 3.2 %

CDNS stock opened at $294.05 on Thursday. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The company’s 50 day simple moving average is $304.31 and its 200-day simple moving average is $285.81. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The firm has a market capitalization of $80.65 billion, a PE ratio of 77.18, a P/E/G ratio of 3.50 and a beta of 1.03.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Wells Fargo & Company began coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective for the company. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 29th. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Loop Capital began 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 on the stock. Finally, Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 price target for the company. One equities research 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. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $329.50.

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total transaction of $190,008.00. Following the sale, the vice president now owns 58,773 shares of the company’s stock, valued at $17,180,523.36. This trade represents a 1.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 55,874 shares in the company, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 108,416 shares of company stock valued at $33,538,875. 1.99% of the stock is owned by corporate insiders.

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.