Meeder Advisory Services Inc. Acquires 46 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Meeder Advisory Services Inc. grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,290 shares of the software maker’s stock after acquiring an additional 46 shares during the period. Meeder Advisory Services Inc.’s holdings in Cadence Design Systems were worth $2,190,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of CDNS. Golden State Wealth Management LLC purchased a new stake in Cadence Design Systems in the 4th quarter worth approximately $28,000. Avalon Trust Co purchased a new stake in shares of Cadence Design Systems in the fourth quarter worth $39,000. Versant Capital Management Inc raised its position in shares of Cadence Design Systems by 164.2% during the 4th 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 period. Prestige Wealth Management Group LLC lifted its stake in shares of Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after buying an additional 60 shares in the last quarter. Finally, OFI Invest Asset Management bought a new position in Cadence Design Systems in the 4th quarter worth $46,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction that occurred 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 directly owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of the business’s 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 transaction, the vice president now owns 58,123 shares of the company’s stock, valued at approximately $14,689,425.79. The trade was a 1.11 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 94,451 shares of company stock worth $29,231,093. 1.99% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have commented on CDNS. Oppenheimer decreased their price target on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a report on Wednesday, March 19th. Redburn Atlantic assumed coverage on Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 price target on the stock. Mizuho increased their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Piper Sandler boosted their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. Finally, Robert W. Baird cut their target price on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research note on Thursday, February 20th. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $324.83.

Cadence Design Systems Trading Up 2.4 %

CDNS opened at $264.94 on Thursday. The stock has a 50-day moving average of $271.35 and a 200 day moving average of $284.21. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 12 month low of $230.09 and a 12 month high of $328.99. The firm has a market cap of $72.68 billion, a P/E ratio of 68.64, a P/E/G ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS) last announced its 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 return on equity of 29.24% and a net margin of 22.74%. The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. As a group, research analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current 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.