Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Golden State Equity Partners

Golden State Equity Partners grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 242.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 859 shares of the software maker’s stock after acquiring an additional 608 shares during the quarter. Golden State Equity Partners’ holdings in Cadence Design Systems were worth $258,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Nisa Investment Advisors LLC increased its holdings in shares of Cadence Design Systems by 132.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock valued at $41,850,000 after acquiring an additional 79,268 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Cadence Design Systems by 48.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock valued at $258,136,000 after acquiring an additional 310,250 shares in the last quarter. Avanza Fonder AB acquired a new position in shares of Cadence Design Systems during the fourth quarter valued at about $6,046,000. Caisse DE Depot ET Placement DU Quebec acquired a new position in shares of Cadence Design Systems during the third quarter valued at about $24,026,000. Finally, Zhang Financial LLC acquired a new position in Cadence Design Systems in the 4th quarter worth approximately $381,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Activity

In other Cadence Design Systems news, VP Paul Scannell sold 3,171 shares of the firm’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $305.78, for a total value of $969,628.38. Following the transaction, the vice president now owns 14,318 shares in the company, valued at approximately $4,378,158.04. This trade represents a 18.13 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Anirudh Devgan sold 5,920 shares of the firm’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total value of $1,799,916.80. Following the completion of the transaction, the chief executive officer now owns 55,874 shares in the company, valued at $16,987,930.96. The trade was a 9.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 107,766 shares of company stock worth $33,348,867 in the last quarter. Corporate insiders own 0.62% of the company’s stock.

Cadence Design Systems Trading Up 0.2 %

Shares of NASDAQ:CDNS opened at $298.30 on Tuesday. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The firm has a market capitalization of $81.81 billion, a price-to-earnings ratio of 78.29, a price-to-earnings-growth ratio of 3.42 and a beta of 1.03. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The business’s 50 day moving average price is $305.30 and its 200-day moving average price is $284.40.

Analysts Set New Price Targets

CDNS has been the topic of several research reports. Needham & Company LLC cut 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. Loop Capital initiated coverage on shares of Cadence Design Systems in a report on Monday, November 11th. They issued a “buy” rating and a $360.00 price target on the stock. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 29th. StockNews.com upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Wednesday, January 29th. Finally, Mizuho increased their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. 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 company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target 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.