NBW Capital LLC Buys 2,131 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

NBW Capital LLC increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 15.7% in the 4th quarter, HoldingsChannel.com reports. The fund owned 15,717 shares of the software maker’s stock after purchasing an additional 2,131 shares during the quarter. NBW Capital LLC’s holdings in Cadence Design Systems were worth $4,722,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Swedbank AB increased its stake in Cadence Design Systems by 15.1% during the 3rd quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock valued at $475,336,000 after purchasing an additional 230,672 shares in the last quarter. Pinnacle Associates Ltd. increased its stake in Cadence Design Systems by 7.9% during the 3rd quarter. Pinnacle Associates Ltd. now owns 999 shares of the software maker’s stock valued at $272,000 after purchasing an additional 73 shares in the last quarter. Stephens Inc. AR increased its stake in Cadence Design Systems by 26.3% during the 3rd quarter. Stephens Inc. AR now owns 4,634 shares of the software maker’s stock valued at $1,256,000 after purchasing an additional 964 shares in the last quarter. Farther Finance Advisors LLC increased its stake in Cadence Design Systems by 11.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,724 shares of the software maker’s stock valued at $739,000 after purchasing an additional 280 shares in the last quarter. Finally, Janney Montgomery Scott LLC increased its stake in Cadence Design Systems by 8.1% during the 3rd quarter. Janney Montgomery Scott LLC now owns 82,544 shares of the software maker’s stock valued at $22,372,000 after purchasing an additional 6,202 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Insider Activity

In other news, CEO Anirudh Devgan sold 5,920 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at $16,987,930.96. This represents a 9.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total value of $198,146.00. Following the sale, the vice president now owns 59,311 shares in the company, valued at approximately $18,080,365.24. This represents a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 107,766 shares of company stock worth $33,339,852 over the last ninety days. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $241.74 on Tuesday. The company has a market cap of $66.26 billion, a PE ratio of 62.63, a price-to-earnings-growth ratio of 3.88 and a beta of 1.03. Cadence Design Systems, Inc. has a 52 week low of $240.35 and a 52 week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The firm’s 50-day simple moving average is $293.85 and its two-hundred day simple moving average is $286.55.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate of $1.82 by ($0.33). The business had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. Research analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on CDNS shares. Robert W. Baird reduced 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. Mizuho upped their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Bank of America reduced their target price on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Finally, Redburn Atlantic started coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $326.92.

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.