Sierra Ocean LLC Purchases New Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sierra Ocean LLC acquired a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 262 shares of the software maker’s stock, valued at approximately $79,000.

Other institutional investors have also added to or reduced their stakes in the company. Avior Wealth Management LLC lifted its stake in Cadence Design Systems by 12.4% in the fourth quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock worth $98,000 after acquiring an additional 36 shares during the period. Dudley Capital Management LLC lifted its stake in Cadence Design Systems by 4.3% in the third quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock worth $257,000 after acquiring an additional 39 shares during the period. Trust Point Inc. lifted its stake in Cadence Design Systems by 2.9% in the third quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock worth $379,000 after acquiring an additional 40 shares during the period. Falcon Wealth Planning lifted its stake in Cadence Design Systems by 5.1% in the third quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock worth $222,000 after acquiring an additional 40 shares during the period. Finally, Fifth Third Wealth Advisors LLC lifted its stake in Cadence Design Systems by 0.7% in the third 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.

Analyst Ratings Changes

Several brokerages have commented on CDNS. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Redburn Atlantic began coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 price objective for the company. Robert W. Baird raised their price objective 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 lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Finally, Needham & Company LLC lowered their price objective on 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 analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $326.08.

Insider Buying and Selling

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $292.32, for a total transaction of $190,008.00. Following the completion of the sale, the vice president now directly owns 58,773 shares in the company, valued at $17,180,523.36. The trade was a 1.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This represents a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 108,416 shares of company stock worth $33,538,875. 1.99% of the stock is owned by corporate insiders.

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $295.19 on Monday. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99. The stock has a 50-day moving average of $303.30 and a 200 day moving average of $286.43. The company has a market capitalization of $80.96 billion, a price-to-earnings ratio of 77.48, a PEG ratio of 3.50 and a beta of 1.03. 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 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.