Strategic Advocates LLC Has $562,000 Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Strategic Advocates LLC decreased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 35.2% during the 4th quarter, Holdings Channel reports. The firm owned 1,871 shares of the software maker’s stock after selling 1,016 shares during the quarter. Strategic Advocates LLC’s holdings in Cadence Design Systems were worth $562,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Regal Investment Advisors LLC bought a new stake in shares of Cadence Design Systems during the second quarter valued at approximately $301,000. EP Wealth Advisors LLC increased its position in shares of Cadence Design Systems by 5.2% during the second quarter. EP Wealth Advisors LLC now owns 2,416 shares of the software maker’s stock worth $743,000 after acquiring an additional 119 shares in the last quarter. Cetera Investment Advisers lifted its position in Cadence Design Systems by 7.7% in the 2nd quarter. Cetera Investment Advisers now owns 53,659 shares of the software maker’s stock valued at $16,513,000 after acquiring an additional 3,843 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in Cadence Design Systems during the 2nd quarter valued at about $4,661,000. Finally, Centaurus Financial Inc. lifted its holdings in shares of Cadence Design Systems by 25.8% in the second quarter. Centaurus Financial Inc. now owns 1,155 shares of the software maker’s stock valued at $356,000 after purchasing an additional 237 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have weighed in on CDNS. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Needham & Company LLC cut their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Loop Capital began coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 price objective for the company. Robert W. Baird upped their target price on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Finally, Wells Fargo & Company started coverage on Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $329.50.

Cadence Design Systems Trading Up 2.7 %

NASDAQ:CDNS opened at $297.76 on Friday. The firm has a market capitalization of $81.66 billion, a P/E ratio of 78.15, a P/E/G ratio of 3.33 and a beta of 1.04. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The company has a fifty day moving average of $305.76 and a 200 day moving average of $284.65.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.01 earnings per share. On average, research analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

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 transaction 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. The trade was a 9.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 sale, the vice president now owns 60,461 shares in the company, valued at approximately $18,512,553.59. The trade was a 1.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 107,766 shares of company stock worth $33,348,867 in the last three months. 1.99% of the stock is owned by corporate insiders.

Cadence Design Systems 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.