Howard Capital Management Inc. Raises Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Howard Capital Management Inc. grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.0% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 7,548 shares of the software maker’s stock after buying an additional 217 shares during the quarter. Howard Capital Management Inc.’s holdings in Cadence Design Systems were worth $2,268,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of CDNS. Missouri Trust & Investment Co purchased a new stake in Cadence Design Systems in the 3rd quarter worth approximately $27,000. MidAtlantic Capital Management Inc. purchased a new stake in Cadence Design Systems in the 3rd quarter worth approximately $28,000. Golden State Wealth Management LLC purchased a new stake in Cadence Design Systems in the 4th quarter worth approximately $28,000. Versant Capital Management Inc lifted 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 worth $42,000 after buying an additional 87 shares during the period. Finally, Prestige Wealth Management Group LLC lifted its holdings in 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 worth $45,000 after buying an additional 60 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on CDNS shares. Needham & Company LLC reiterated a “buy” rating and issued a $325.00 price objective on shares of Cadence Design Systems in a report on Wednesday. Bank of America decreased their target price on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday. Mizuho increased their target price on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. 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 price objective for the company. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and a consensus price target of $326.92.

Insiders Place Their Bets

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

Cadence Design Systems Stock Down 4.4 %

Cadence Design Systems stock opened at $258.27 on Friday. The firm has a market cap of $70.83 billion, a price-to-earnings ratio of 66.91, a PEG ratio of 3.88 and a beta of 1.03. The stock has a fifty day simple moving average of $300.54 and a two-hundred day simple moving average of $287.22. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. Equities analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Cadence Design Systems 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.