Wilmington Savings Fund Society FSB Acquires 1,417 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Wilmington Savings Fund Society FSB lifted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 17.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,628 shares of the software maker’s stock after buying an additional 1,417 shares during the period. Wilmington Savings Fund Society FSB’s holdings in Cadence Design Systems were worth $2,893,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Missouri Trust & Investment Co acquired a new stake in shares of Cadence Design Systems during the 3rd quarter worth $27,000. MidAtlantic Capital Management Inc. bought a new stake in Cadence Design Systems during the third quarter worth about $28,000. Golden State Wealth Management LLC acquired a new stake in Cadence Design Systems during the fourth quarter worth about $28,000. Versant Capital Management Inc increased its holdings in Cadence Design Systems by 164.2% in the 4th 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 raised its position in shares of Cadence Design Systems by 56.6% in the 3rd 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. Institutional investors and hedge funds own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on CDNS shares. Loop Capital initiated coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 price target on the stock. Redburn Atlantic started coverage on Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 price target on the stock. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Berenberg Bank initiated coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price on the stock. Finally, Robert W. Baird increased their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $329.50.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $299.68 on Friday. The firm has a market cap of $82.19 billion, a PE ratio of 78.66, a price-to-earnings-growth ratio of 3.50 and a beta of 1.03. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The firm’s fifty day moving average is $304.59 and its 200-day moving average is $285.02. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45.

Insider Activity

In other news, CEO Anirudh Devgan sold 5,920 shares of the 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 directly owns 55,874 shares in the company, valued at $16,987,930.96. This represents a 9.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were 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 position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 108,416 shares of company stock valued at $33,538,875. Company insiders own 1.99% of the company’s stock.

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.