Commonwealth Equity Services LLC Has $6.55 Million Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Commonwealth Equity Services LLC boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.2% during the 4th quarter, Holdings Channel reports. The institutional investor owned 21,784 shares of the software maker’s stock after buying an additional 666 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Cadence Design Systems were worth $6,545,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Erste Asset Management GmbH lifted its stake in shares of Cadence Design Systems by 2.4% in the 4th quarter. Erste Asset Management GmbH now owns 40,738 shares of the software maker’s stock valued at $12,426,000 after purchasing an additional 959 shares during the period. Avantax Advisory Services Inc. lifted its stake in shares of Cadence Design Systems by 22.5% in the 4th quarter. Avantax Advisory Services Inc. now owns 12,374 shares of the software maker’s stock valued at $3,718,000 after purchasing an additional 2,275 shares during the period. Farther Finance Advisors LLC lifted its stake in shares of Cadence Design Systems by 6.5% in the 4th quarter. Farther Finance Advisors LLC now owns 2,902 shares of the software maker’s stock valued at $872,000 after purchasing an additional 178 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of Cadence Design Systems by 13.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,348 shares of the software maker’s stock valued at $405,000 after purchasing an additional 162 shares during the period. Finally, Sequoia Financial Advisors LLC lifted its stake in shares of Cadence Design Systems by 40.6% in the 4th quarter. Sequoia Financial Advisors LLC now owns 4,976 shares of the software maker’s stock valued at $1,495,000 after purchasing an additional 1,438 shares during the period. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $262.42 on Friday. The firm has a market capitalization of $71.93 billion, a P/E ratio of 67.98, a P/E/G ratio of 3.88 and a beta of 1.05. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The stock has a 50 day moving average price of $278.01 and a two-hundred day moving average price of $283.79. Cadence Design Systems, Inc. has a 52 week low of $230.09 and a 52 week high of $328.99.

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

Insiders Place Their Bets

In related news, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction on 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 completion of the sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the sale, the vice president now directly owns 58,123 shares of the company’s stock, valued at $14,689,425.79. This represents a 1.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 101,021 shares of company stock worth $31,229,155 over the last 90 days. Corporate insiders own 1.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on CDNS shares. Mizuho boosted their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Wells Fargo & Company started coverage on Cadence Design Systems in a research note on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target on the stock. Loop Capital dropped their price target on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Bank of America dropped their price target on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Finally, Robert W. Baird dropped their price target on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research note on Thursday, February 20th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus price target of $324.83.

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.