1,419 Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS) Bought by D.B. Root & Company LLC

D.B. Root & Company LLC purchased a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 1,419 shares of the software maker’s stock, valued at approximately $426,000.

A number of other institutional investors have also recently bought and sold shares of the stock. Wesbanco Bank Inc. increased its position in shares of Cadence Design Systems by 18.7% in the fourth quarter. Wesbanco Bank Inc. now owns 2,346 shares of the software maker’s stock worth $705,000 after acquiring an additional 369 shares in the last quarter. Janney Montgomery Scott LLC boosted its stake in Cadence Design Systems by 7.7% in the 4th quarter. Janney Montgomery Scott LLC now owns 88,908 shares of the software maker’s stock worth $26,713,000 after purchasing an additional 6,364 shares during the period. SG Americas Securities LLC grew its position in Cadence Design Systems by 59.6% during the 4th quarter. SG Americas Securities LLC now owns 101,659 shares of the software maker’s stock worth $30,544,000 after purchasing an additional 37,943 shares in the last quarter. Advisory Alpha LLC acquired a new stake in Cadence Design Systems during the 4th quarter valued at $254,000. Finally, Nisa Investment Advisors LLC lifted its holdings in shares of Cadence Design Systems by 132.1% in the fourth quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock valued at $41,850,000 after purchasing an additional 79,268 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Scannell sold 3,171 shares of the stock in a transaction that occurred 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 completion of the sale, the vice president now directly owns 14,318 shares of the company’s stock, valued at approximately $4,378,158.04. This represents a 18.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at $17,320,940. This trade represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 108,416 shares of company stock worth $33,528,267 over the last ninety days. Company insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on CDNS shares. Loop Capital began coverage on Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 price target on the stock. Robert W. Baird increased their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target for the company. Mizuho increased their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Finally, Rosenblatt Securities restated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus target price of $329.50.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS opened at $321.49 on Thursday. The business’s 50-day simple moving average is $304.79 and its 200-day simple moving average is $284.80. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The firm has a market cap of $88.17 billion, a price-to-earnings ratio of 84.38, a P/E/G ratio of 3.58 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same quarter last year, the firm posted $1.01 earnings per share. The company’s quarterly revenue was up 18.8% compared to the same quarter last year. As a group, equities research analysts expect that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

About Cadence Design Systems

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.