Linden Thomas Advisory Services LLC Increases Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Linden Thomas Advisory Services LLC lifted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 8.3% in the 4th quarter, Holdings Channel.com reports. The firm owned 14,673 shares of the software maker’s stock after buying an additional 1,121 shares during the quarter. Cadence Design Systems comprises about 0.6% of Linden Thomas Advisory Services LLC’s portfolio, making the stock its 23rd largest holding. Linden Thomas Advisory Services LLC’s holdings in Cadence Design Systems were worth $4,409,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of CDNS. Van ECK Associates Corp boosted its stake in shares of Cadence Design Systems by 26.1% in the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock valued at $689,472,000 after buying an additional 572,251 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Cadence Design Systems by 33.0% in the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after acquiring an additional 501,833 shares during the period. Meridiem Investment Management Ltd. purchased a new stake in shares of Cadence Design Systems during the 3rd quarter worth $129,285,000. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Cadence Design Systems by 48.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after purchasing an additional 310,250 shares during the period. Finally, Impax Asset Management Group plc lifted its stake in shares of Cadence Design Systems by 20.9% in the third quarter. Impax Asset Management Group plc now owns 1,374,531 shares of the software maker’s stock valued at $371,719,000 after purchasing an additional 237,495 shares during the period. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the transaction, the chief executive officer now owns 55,874 shares in the company, valued at approximately $17,320,940. This represents a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John M. Wall sold 4,224 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $309.03, for a total value of $1,305,342.72. Following the sale, the chief financial officer now directly owns 29,248 shares in the company, valued at approximately $9,038,509.44. This trade represents a 12.62 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 108,416 shares of company stock worth $33,528,267. Corporate insiders own 1.99% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Wells Fargo & Company started coverage on shares of 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 lifted 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. Needham & Company LLC lowered their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Loop Capital initiated coverage on Cadence Design Systems in a report on Monday, November 11th. They issued a “buy” rating and a $360.00 price target for the company. Finally, Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $329.50.

Cadence Design Systems Stock Down 1.2 %

NASDAQ CDNS opened at $320.48 on Friday. The stock has a market cap of $87.89 billion, a PE ratio of 84.12, a P/E/G ratio of 3.70 and a beta of 1.04. The business has a 50 day moving average price of $306.14 and a two-hundred day moving average price of $285.35. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the prior year, the business posted $1.01 earnings per share. Cadence Design Systems’s revenue for the quarter was up 18.8% on a year-over-year basis. As a group, sell-side analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

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.