Resonant Capital Advisors LLC Purchases 58 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Resonant Capital Advisors LLC boosted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,037 shares of the software maker’s stock after acquiring an additional 58 shares during the quarter. Resonant Capital Advisors LLC’s holdings in Cadence Design Systems were worth $312,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Chicago Capital LLC raised its holdings in shares of Cadence Design Systems by 2.9% during the 4th quarter. Chicago Capital LLC now owns 48,776 shares of the software maker’s stock valued at $14,655,000 after purchasing an additional 1,364 shares in the last quarter. Magnolia Capital Advisors LLC bought a new position in Cadence Design Systems during the fourth quarter valued at about $248,000. Golden State Equity Partners lifted its position in shares of Cadence Design Systems by 242.2% in the fourth quarter. Golden State Equity Partners now owns 859 shares of the software maker’s stock worth $258,000 after buying an additional 608 shares during the last quarter. Avantra Family Wealth Inc. bought a new stake in shares of Cadence Design Systems during the 4th quarter worth about $299,000. Finally, DAVENPORT & Co LLC increased its holdings in shares of Cadence Design Systems by 11.9% during the 4th quarter. DAVENPORT & Co LLC now owns 4,659 shares of the software maker’s stock valued at $1,400,000 after acquiring an additional 495 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have issued reports on CDNS shares. Loop Capital initiated coverage on Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 target price for the company. Redburn Atlantic started coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They set a “buy” rating and a $350.00 price objective for the company. Robert W. Baird lifted their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Berenberg Bank began coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target for the company. Finally, Wells Fargo & Company initiated coverage on Cadence Design Systems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective on the stock. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and a consensus target price of $329.50.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Scannell sold 3,171 shares of the firm’s 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 completion of the transaction, the vice president now owns 14,318 shares in the company, valued at $4,378,158.04. This trade represents a 18.13 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the sale, the chief executive officer now owns 55,874 shares in the company, valued at $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 107,766 shares of company stock valued at $33,348,867. Company insiders own 0.62% of the company’s stock.

Cadence Design Systems Stock Up 0.2 %

CDNS opened at $298.30 on Tuesday. The company has a market capitalization of $81.81 billion, a P/E ratio of 78.29, a P/E/G 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 firm’s fifty day moving average price is $305.30 and its two-hundred day moving average price is $284.40. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99.

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.