Bowman & Co S.C. Takes $373,000 Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Bowman & Co S.C. bought a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 4th quarter, Holdings Channel.com reports. The fund bought 1,243 shares of the software maker’s stock, valued at approximately $373,000.

Several other large investors also recently modified their holdings of CDNS. Missouri Trust & Investment Co acquired a new stake in Cadence Design Systems in the 3rd quarter valued at approximately $27,000. MidAtlantic Capital Management Inc. bought a new stake in Cadence Design Systems in the third quarter valued at approximately $28,000. Versant Capital Management Inc increased its holdings in shares of Cadence Design Systems by 164.2% in the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after purchasing an additional 87 shares during the last quarter. Prestige Wealth Management Group LLC raised 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 valued at $45,000 after acquiring an additional 60 shares during the period. Finally, Meeder Asset Management Inc. boosted its stake in Cadence Design Systems by 30.3% in the 3rd quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock valued at $55,000 after purchasing an additional 47 shares during the period. 84.85% of the stock is currently owned by institutional investors.

Insider Activity

In other news, VP Paul Scannell sold 3,171 shares of the company’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $305.78, for a total transaction of $969,628.38. Following the sale, the vice president now directly owns 14,318 shares in the company, valued at approximately $4,378,158.04. This represents a 18.13 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $306.19, for a total transaction of $199,023.50. Following the transaction, the vice president now directly owns 60,461 shares of the company’s stock, valued at $18,512,553.59. The trade was a 1.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 108,416 shares of company stock valued at $33,528,267 over the last three months. Insiders own 0.62% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on CDNS. Mizuho lifted their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Berenberg Bank assumed coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price target for the company. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Loop Capital started coverage on shares of Cadence Design Systems in a report on Monday, November 11th. They set a “buy” rating and a $360.00 price target for the company. Finally, Needham & Company LLC dropped their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average target price of $329.50.

Cadence Design Systems Stock Performance

Cadence Design Systems stock opened at $305.60 on Friday. The stock’s 50 day simple moving average is $304.43 and its two-hundred day simple moving average is $285.15. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The stock has a market cap of $83.81 billion, a price-to-earnings ratio of 80.21, a PEG ratio of 3.44 and a beta of 1.04. 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 released its earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping the consensus estimate of $1.44 by $0.20. The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.01 earnings per share. As a group, analysts expect that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

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.