Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by HMS Capital Management LLC

HMS Capital Management LLC raised its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,422 shares of the software maker’s stock after purchasing an additional 229 shares during the period. HMS Capital Management LLC’s holdings in Cadence Design Systems were worth $1,329,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in CDNS. Procyon Advisors LLC grew its holdings in shares of Cadence Design Systems by 3.6% during the third quarter. Procyon Advisors LLC now owns 1,655 shares of the software maker’s stock valued at $449,000 after buying an additional 58 shares during the last quarter. Creative Planning grew its holdings in shares of Cadence Design Systems by 9.1% during the third quarter. Creative Planning now owns 48,389 shares of the software maker’s stock valued at $13,115,000 after buying an additional 4,038 shares during the last quarter. Swedbank AB grew its holdings in shares of Cadence Design Systems by 15.1% during the third quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock valued at $475,336,000 after buying an additional 230,672 shares during the last quarter. Sumitomo Life Insurance Co. grew its holdings in shares of Cadence Design Systems by 61.5% during the third quarter. Sumitomo Life Insurance Co. now owns 17,600 shares of the software maker’s stock valued at $4,770,000 after buying an additional 6,700 shares during the last quarter. Finally, Vontobel Holding Ltd. grew its holdings in shares of Cadence Design Systems by 5.3% during the third quarter. Vontobel Holding Ltd. now owns 228,597 shares of the software maker’s stock valued at $61,957,000 after buying an additional 11,568 shares during the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $294.05 on Thursday. The company has a fifty day simple moving average of $304.31 and a two-hundred day simple moving average of $285.81. The company has a market cap of $80.65 billion, a price-to-earnings ratio of 77.18, a price-to-earnings-growth ratio of 3.50 and a beta of 1.03. 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 52 week low of $241.29 and a 52 week high of $328.99.

Analyst Ratings Changes

Several research firms have commented on CDNS. Robert W. Baird upped their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 29th. Needham & Company LLC lowered their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Finally, Mizuho upped their price target 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. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $329.50.

Insiders Place Their Bets

In related news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total transaction of $190,008.00. Following the completion of the transaction, the vice president now owns 58,773 shares in the company, valued at approximately $17,180,523.36. The trade was a 1.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Paul Scannell sold 3,171 shares of the business’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $305.78, for a total transaction of $969,628.38. Following the transaction, the vice president now owns 14,318 shares of the company’s stock, valued at approximately $4,378,158.04. The trade was a 18.13 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 108,416 shares of company stock worth $33,538,875 over the last 90 days. Corporate insiders own 1.99% of the company’s stock.

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.