Mirae Asset Global Investments Co. Ltd. Boosts Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.2% during the fourth quarter, Holdings Channel reports. The firm owned 114,024 shares of the software maker’s stock after buying an additional 7,679 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Cadence Design Systems were worth $34,725,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Missouri Trust & Investment Co purchased a new stake in Cadence Design Systems during the third quarter worth $27,000. MidAtlantic Capital Management Inc. purchased a new stake in Cadence Design Systems during the third quarter worth $28,000. Versant Capital Management Inc raised its holdings in shares of Cadence Design Systems by 164.2% in the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after acquiring an additional 87 shares during the last quarter. Prestige Wealth Management Group LLC raised its holdings in shares of Cadence Design Systems by 56.6% in the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after acquiring an additional 60 shares during the last quarter. Finally, Meeder Asset Management Inc. raised its holdings in shares of Cadence Design Systems by 30.3% in the third quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock worth $55,000 after acquiring an additional 47 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Performance

Cadence Design Systems stock opened at $299.67 on Wednesday. The stock’s 50-day moving average is $305.02 and its 200-day moving average is $284.54. The company has a market cap of $82.19 billion, a price-to-earnings ratio of 78.65, a price-to-earnings-growth ratio of 3.42 and a beta of 1.03. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99.

Insider Transactions at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the sale, the chief executive officer now owns 55,874 shares in the company, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Scannell sold 3,171 shares of the stock in a transaction dated Friday, December 13th. The shares were 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 owns 14,318 shares of the company’s stock, valued at approximately $4,378,158.04. This trade represents a 18.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 107,766 shares of company stock worth $33,348,867 in the last three months. 0.62% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Redburn Atlantic assumed coverage on Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 price target for the company. Berenberg Bank assumed coverage on Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price target for the company. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 29th. Loop Capital assumed coverage on Cadence Design Systems in a report on Monday, November 11th. They issued a “buy” rating and a $360.00 price target for the company. Finally, Robert W. Baird boosted their price target on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $329.50.

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.