MWA Asset Management Sells 66 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

MWA Asset Management lessened its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.5% in the 4th quarter, Holdings Channel reports. The institutional investor owned 4,343 shares of the software maker’s stock after selling 66 shares during the quarter. MWA Asset Management’s holdings in Cadence Design Systems were worth $1,305,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. BLB&B Advisors LLC boosted its stake in Cadence Design Systems by 2.3% in the 4th quarter. BLB&B Advisors LLC now owns 50,422 shares of the software maker’s stock worth $15,150,000 after purchasing an additional 1,113 shares during the period. EULAV Asset Management increased its position in shares of Cadence Design Systems by 2.8% in the fourth quarter. EULAV Asset Management now owns 289,304 shares of the software maker’s stock valued at $86,924,000 after acquiring an additional 7,996 shares during the last quarter. Dock Street Asset Management Inc. raised its stake in shares of Cadence Design Systems by 4.5% during the 4th quarter. Dock Street Asset Management Inc. now owns 75,116 shares of the software maker’s stock worth $22,569,000 after purchasing an additional 3,218 shares in the last quarter. Realta Investment Advisors lifted its stake in Cadence Design Systems by 7.7% in the fourth quarter. Realta Investment Advisors now owns 2,592 shares of the software maker’s stock valued at $788,000 after acquiring an additional 185 shares during the last quarter. Finally, Golden State Wealth Management LLC bought a new position in Cadence Design Systems during the fourth quarter worth about $28,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $299.68 on Friday. The stock has a market cap of $82.19 billion, a price-to-earnings ratio of 78.66, a P/E/G ratio of 3.42 and a beta of 1.03. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99. The company’s fifty day moving average is $304.73 and its 200 day moving average is $284.93.

Insider Activity

In related news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was 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 of the company’s stock, valued at $18,512,553.59. This trade represents a 1.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Anirudh Devgan sold 5,920 shares of the business’s stock in a transaction that occurred 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 directly owns 55,874 shares in the company, valued at approximately $16,987,930.96. This trade represents a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 108,416 shares of company stock valued at $33,538,875. Company insiders own 0.62% of the company’s stock.

Analysts Set New Price Targets

CDNS has been the topic of several research analyst reports. Mizuho increased 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. Berenberg Bank assumed coverage on Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price on the stock. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price on the stock. Redburn Atlantic assumed coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 price objective for the company. Finally, Loop Capital initiated coverage on shares of Cadence Design Systems in a report on Monday, November 11th. They set a “buy” rating and a $360.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Cadence Design Systems has an average 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.