Crestwood Advisors Group LLC Takes $227,000 Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Crestwood Advisors Group LLC acquired a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 756 shares of the software maker’s stock, valued at approximately $227,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. WealthShield Partners LLC bought a new stake in Cadence Design Systems during the fourth quarter worth $1,607,000. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its holdings in Cadence Design Systems by 5.7% during the fourth quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 57,403 shares of the software maker’s stock worth $17,247,000 after buying an additional 3,100 shares in the last quarter. Howard Capital Management Inc. grew its holdings in Cadence Design Systems by 3.0% during the fourth quarter. Howard Capital Management Inc. now owns 7,548 shares of the software maker’s stock worth $2,268,000 after buying an additional 217 shares in the last quarter. TCW Group Inc. grew its holdings in Cadence Design Systems by 4.8% during the fourth quarter. TCW Group Inc. now owns 486,184 shares of the software maker’s stock worth $146,079,000 after buying an additional 22,196 shares in the last quarter. Finally, First Horizon Advisors Inc. grew its holdings in Cadence Design Systems by 6.8% during the fourth quarter. First Horizon Advisors Inc. now owns 5,989 shares of the software maker’s stock worth $1,799,000 after buying an additional 383 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on CDNS shares. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Wells Fargo & Company initiated coverage on Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective on the stock. Mizuho boosted their price objective 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. Bank of America cut their price objective on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. Finally, Robert W. Baird cut their price objective on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $326.92.

Cadence Design Systems Stock Up 2.2 %

Shares of NASDAQ CDNS opened at $254.38 on Thursday. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The business’s fifty day moving average price is $297.15 and its 200-day moving average price is $286.99. The stock has a market capitalization of $69.73 billion, a PE ratio of 65.90, a P/E/G ratio of 3.88 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly 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). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. On average, equities research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Activity

In related news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $306.19, for a total value of $199,023.50. Following the sale, the vice president now directly owns 60,461 shares in the company, valued at $18,512,553.59. This trade represents a 1.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock valued at $33,538,875 in the last 90 days. Insiders own 1.99% of the company’s stock.

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.