HighTower Advisors LLC Acquires 9,757 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

HighTower Advisors LLC lifted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 23.3% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 51,673 shares of the software maker’s stock after acquiring an additional 9,757 shares during the period. HighTower Advisors LLC’s holdings in Cadence Design Systems were worth $15,526,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. State Street Corp lifted its holdings in shares of Cadence Design Systems by 0.5% during the 3rd 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 lifted its holdings in shares of Cadence Design Systems by 5.3% during the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock worth $2,406,760,000 after acquiring an additional 404,076 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Cadence Design Systems by 0.9% during 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 acquiring an additional 37,452 shares during the period. Nordea Investment Management AB increased its position in shares of Cadence Design Systems by 6.5% during the 4th quarter. Nordea Investment Management AB now owns 2,933,392 shares of the software maker’s stock worth $885,356,000 after purchasing an additional 178,212 shares in the last quarter. Finally, Janus Henderson Group PLC increased its position in shares of Cadence Design Systems by 3.6% during the 3rd quarter. Janus Henderson Group PLC now owns 2,244,676 shares of the software maker’s stock worth $608,373,000 after purchasing an additional 77,246 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Stock Up 2.4 %

Shares of NASDAQ:CDNS opened at $247.43 on Friday. Cadence Design Systems, Inc. has a one year low of $230.09 and a one year high of $328.99. The company has a 50 day moving average of $282.52 and a 200-day moving average of $284.22. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The stock has a market cap of $67.82 billion, a price-to-earnings ratio of 64.10, a P/E/G ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. On average, sell-side analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total transaction of $198,146.00. Following the transaction, the vice president now owns 59,311 shares of the company’s stock, valued at $18,080,365.24. This trade represents a 1.08 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Anirudh Devgan sold 5,920 shares of Cadence Design Systems stock in a transaction that occurred on 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 transaction, the chief executive officer now directly 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 105,245 shares of company stock valued at $32,534,498 in the last 90 days. 0.62% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Rosenblatt Securities increased their target price on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Redburn Atlantic assumed coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 target price for the company. Robert W. Baird dropped 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 report on Thursday, February 20th. Loop Capital dropped their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Finally, Wells Fargo & Company started coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus price target of $326.92.

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.