Horizon Investments LLC Buys 4,993 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Horizon Investments LLC grew its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 72.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,876 shares of the software maker’s stock after buying an additional 4,993 shares during the quarter. Horizon Investments LLC’s holdings in Cadence Design Systems were worth $3,568,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of CDNS. PDS Planning Inc boosted its position in Cadence Design Systems by 5.6% in the fourth quarter. PDS Planning Inc now owns 1,629 shares of the software maker’s stock worth $489,000 after purchasing an additional 86 shares during the last quarter. Leelyn Smith LLC bought a new position in shares of Cadence Design Systems in the 4th quarter worth approximately $808,000. Parallel Advisors LLC boosted its holdings in shares of Cadence Design Systems by 1.4% in the fourth quarter. Parallel Advisors LLC now owns 7,774 shares of the software maker’s stock worth $2,336,000 after buying an additional 108 shares during the last quarter. Cibc World Markets Corp grew its position in Cadence Design Systems by 14.6% during the fourth quarter. Cibc World Markets Corp now owns 49,315 shares of the software maker’s stock valued at $14,817,000 after buying an additional 6,282 shares during the period. Finally, Jensen Investment Management Inc. purchased a new stake in Cadence Design Systems during the fourth quarter valued at approximately $126,571,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Price Performance

CDNS stock opened at $253.88 on Wednesday. The company has a market capitalization of $69.59 billion, a PE ratio of 65.77, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. The company’s fifty day moving average price is $280.50 and its 200-day moving average price is $284.19. Cadence Design Systems, Inc. has a one year low of $230.09 and a one year high of $328.99. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data 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 net margin of 22.74% and a return on equity of 29.24%. The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. On average, equities analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Analyst Ratings Changes

CDNS has been the subject of a number of recent research reports. Mizuho boosted their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Wells Fargo & Company initiated coverage on Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target for the company. Robert W. Baird decreased their price objective on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research note on Thursday, February 20th. Loop Capital cut their price objective on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Finally, StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $326.92.

Insider Buying and Selling

In related news, CEO Anirudh Devgan sold 5,920 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total value of $1,799,916.80. Following the completion of the sale, the chief executive officer now owns 55,874 shares in the company, valued at approximately $16,987,930.96. The trade was a 9.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the sale, the vice president now owns 58,123 shares of the company’s stock, valued at $14,689,425.79. The trade was a 1.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 101,021 shares of company stock worth $31,229,155 over the last three months. 1.99% of the stock is owned by insiders.

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.