Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Marshall Financial Group LLC

Marshall Financial Group LLC boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.2% in the fourth quarter, Holdings Channel reports. The fund owned 4,746 shares of the software maker’s stock after purchasing an additional 100 shares during the period. Marshall Financial Group LLC’s holdings in Cadence Design Systems were worth $1,426,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of CDNS. Van ECK Associates Corp grew its position in Cadence Design Systems by 26.1% in the 3rd 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 during the last quarter. Principal Financial Group Inc. increased its stake in shares of Cadence Design Systems by 33.0% during the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after acquiring an additional 501,833 shares during the period. Meridiem Investment Management Ltd. acquired a new stake in Cadence Design Systems in the third quarter valued at about $129,285,000. Sumitomo Mitsui Trust Group Inc. increased its position in 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 holdings in shares of Cadence Design Systems by 20.9% in the 3rd quarter. Impax Asset Management Group plc now owns 1,374,531 shares of the software maker’s stock valued at $371,719,000 after buying an additional 237,495 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $320.48 on Friday. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99. The firm has a market cap of $87.89 billion, a price-to-earnings ratio of 84.12, a price-to-earnings-growth ratio of 3.70 and a beta of 1.04. The company’s 50-day moving average is $306.14 and its two-hundred day moving average is $285.35. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. Cadence Design Systems’s revenue was up 18.8% compared to the same quarter last year. During the same quarter last year, the business earned $1.01 earnings per share. Research analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CDNS shares. Redburn Atlantic initiated coverage on Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 target price for the company. Robert W. Baird upped their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Loop Capital assumed coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 price target for the company. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Finally, Mizuho boosted 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. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average target price of $329.50.

Insider Activity

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm’s 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 of the company’s stock, valued at approximately $18,512,553.59. This trade represents a 1.06 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction, the chief executive officer now owns 55,874 shares in the company, valued at approximately $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 108,416 shares of company stock valued at $33,528,267 over the last quarter. Company insiders own 1.99% of the company’s stock.

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.