Clarendon Private LLC Makes New $203,000 Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Clarendon Private LLC purchased a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the fourth quarter, Holdings Channel reports. The fund purchased 676 shares of the software maker’s stock, valued at approximately $203,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. State Street Corp raised its position in Cadence Design Systems by 0.5% in the third quarter. State Street Corp now owns 11,922,747 shares of the software maker’s stock worth $3,231,422,000 after acquiring an additional 60,490 shares during the period. Jennison Associates LLC raised its holdings in shares of Cadence Design Systems by 2.7% in the 3rd quarter. Jennison Associates LLC now owns 7,606,175 shares of the software maker’s stock worth $2,061,502,000 after purchasing an additional 198,230 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Cadence Design Systems by 0.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,988,851 shares of the software maker’s stock worth $1,081,098,000 after purchasing an additional 37,452 shares during the period. Nordea Investment Management AB increased its position in Cadence Design Systems by 6.5% in the fourth quarter. Nordea Investment Management AB now owns 2,933,392 shares of the software maker’s stock worth $885,356,000 after buying an additional 178,212 shares during the last quarter. Finally, Van ECK Associates Corp raised its stake in shares of Cadence Design Systems by 26.1% in the third 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 period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $306.19, for a total transaction of $199,023.50. Following the completion of the transaction, the vice president now owns 60,461 shares of the company’s stock, valued at $18,512,553.59. This represents a 1.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Anirudh Devgan sold 5,920 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the transaction, the chief executive officer now owns 55,874 shares in the company, valued at $16,987,930.96. This represents a 9.58 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 108,416 shares of company stock worth $33,528,267. 1.99% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

CDNS has been the subject of several research reports. Mizuho increased 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. Berenberg Bank began coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective for the company. Redburn Atlantic began coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective for the company. Robert W. Baird raised their price target on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Finally, Loop Capital initiated coverage on Cadence Design Systems in a research note on Monday, November 11th. They set a “buy” rating and a $360.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average price target of $329.50.

Cadence Design Systems Stock Performance

Cadence Design Systems stock opened at $320.48 on Friday. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week 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 has a market cap of $87.89 billion, a P/E ratio of 84.12, a price-to-earnings-growth ratio of 3.70 and a beta of 1.04. The firm’s fifty day moving average price is $306.14 and its 200-day moving average price is $285.35.

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

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.