Portfolio Design Labs LLC Purchases New Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Portfolio Design Labs LLC purchased a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 802 shares of the software maker’s stock, valued at approximately $241,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Quent Capital LLC increased its position in Cadence Design Systems by 2.1% during the 4th quarter. Quent Capital LLC now owns 2,463 shares of the software maker’s stock worth $740,000 after purchasing an additional 51 shares during the period. Peterson Wealth Services increased its position in Cadence Design Systems by 1.3% during the 4th quarter. Peterson Wealth Services now owns 10,663 shares of the software maker’s stock worth $3,204,000 after purchasing an additional 136 shares during the period. Savant Capital LLC increased its position in Cadence Design Systems by 7.3% during the 4th quarter. Savant Capital LLC now owns 2,566 shares of the software maker’s stock worth $771,000 after purchasing an additional 175 shares during the period. Burns Matteson Capital Management LLC increased its position in Cadence Design Systems by 44.9% during the 4th quarter. Burns Matteson Capital Management LLC now owns 1,655 shares of the software maker’s stock worth $497,000 after purchasing an additional 513 shares during the period. Finally, Liberty Capital Management Inc. increased its position in Cadence Design Systems by 9.4% during the 4th quarter. Liberty Capital Management Inc. now owns 9,429 shares of the software maker’s stock worth $2,833,000 after purchasing an additional 808 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on CDNS shares. Wells Fargo & Company started coverage on Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price on the stock. Robert W. Baird boosted their price target on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Mizuho boosted their price target on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Finally, Needham & Company LLC decreased their price target 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 equities 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. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $329.50.

Cadence Design Systems Price Performance

CDNS stock opened at $294.05 on Thursday. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. 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’s 50 day moving average price is $304.31 and its 200 day moving average price is $285.81. The firm has a market cap of $80.65 billion, a P/E ratio of 77.18, a PEG ratio of 3.50 and a beta of 1.03.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total transaction of $190,008.00. Following the transaction, the vice president now owns 58,773 shares of the company’s stock, valued at $17,180,523.36. This represents a 1.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. This represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 108,416 shares of company stock valued at $33,538,875. 1.99% of the stock is owned by corporate insiders.

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.