Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by Concord Wealth Partners

Concord Wealth Partners increased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 48.5% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,573 shares of the software maker’s stock after buying an additional 1,493 shares during the quarter. Concord Wealth Partners’ holdings in Cadence Design Systems were worth $1,374,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Concord Asset Management LLC VA raised its holdings in shares of Cadence Design Systems by 43.6% in the fourth quarter. Concord Asset Management LLC VA now owns 4,643 shares of the software maker’s stock worth $1,395,000 after acquiring an additional 1,410 shares during the last quarter. Waldron Private Wealth LLC raised its holdings in shares of Cadence Design Systems by 121.0% in the 4th quarter. Waldron Private Wealth LLC now owns 1,978 shares of the software maker’s stock worth $594,000 after purchasing an additional 1,083 shares during the period. Factory Mutual Insurance Co. raised its stake in shares of Cadence Design Systems by 19.2% during the fourth quarter. Factory Mutual Insurance Co. now owns 176,071 shares of the software maker’s stock valued at $52,902,000 after purchasing an additional 28,300 shares during the period. West Bancorporation Inc. acquired a new stake in shares of Cadence Design Systems during the fourth quarter valued at about $224,000. Finally, Caprock Group LLC boosted its stake in Cadence Design Systems by 2.9% during the 4th quarter. Caprock Group LLC now owns 10,762 shares of the software maker’s stock valued at $3,234,000 after acquiring an additional 301 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $306.19, for a total transaction of $199,023.50. Following the completion of the sale, the vice president now owns 60,461 shares in the company, valued at approximately $18,512,553.59. The trade was a 1.06 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Paul Scannell sold 3,171 shares of Cadence Design Systems stock in a transaction that occurred 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 directly owns 14,318 shares in the company, valued at $4,378,158.04. The trade was a 18.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 107,766 shares of company stock valued at $33,348,867 over the last three months. 1.99% of the stock is owned by insiders.

Cadence Design Systems Stock Down 0.0 %

Shares of NASDAQ:CDNS opened at $297.62 on Friday. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The firm has a market cap of $81.63 billion, a P/E ratio of 78.12, a P/E/G ratio of 3.33 and a beta of 1.04. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The company’s 50-day moving average price is $305.59 and its two-hundred day moving average price is $284.74.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on CDNS shares. Redburn Atlantic initiated coverage on Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 target price for the company. Robert W. Baird raised their target price on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Berenberg Bank assumed coverage on Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price target on the stock. Loop Capital started coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They issued a “buy” rating and a $360.00 price target for the company. Finally, Rosenblatt Securities restated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $329.50.

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.