Avestar Capital LLC Has $677,000 Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Avestar Capital LLC boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 26.7% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 2,252 shares of the software maker’s stock after purchasing an additional 475 shares during the quarter. Avestar Capital LLC’s holdings in Cadence Design Systems were worth $677,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Creative Planning lifted its position in shares of Cadence Design Systems by 9.1% in the 3rd quarter. Creative Planning now owns 48,389 shares of the software maker’s stock valued at $13,115,000 after acquiring an additional 4,038 shares in the last quarter. Swedbank AB raised its stake in Cadence Design Systems by 15.1% during the 3rd quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock valued at $475,336,000 after purchasing an additional 230,672 shares during the period. Carderock Capital Management Inc. lifted its holdings in shares of Cadence Design Systems by 1.6% in the third quarter. Carderock Capital Management Inc. now owns 33,319 shares of the software maker’s stock valued at $9,030,000 after purchasing an additional 528 shares in the last quarter. Tamar Securities LLC boosted its position in shares of Cadence Design Systems by 64.4% in the third quarter. Tamar Securities LLC now owns 80,633 shares of the software maker’s stock worth $21,854,000 after buying an additional 31,591 shares during the period. Finally, Walter Public Investments Inc. grew its holdings in shares of Cadence Design Systems by 52.0% during the third quarter. Walter Public Investments Inc. now owns 55,363 shares of the software maker’s stock valued at $15,005,000 after buying an additional 18,948 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Loop Capital assumed coverage on 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. Needham & Company LLC decreased their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Robert W. Baird increased their target price 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. Finally, Mizuho boosted their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $327.92.

Cadence Design Systems Stock Up 0.7 %

Shares of CDNS stock opened at $296.16 on Friday. The company has a market capitalization of $81.23 billion, a price-to-earnings ratio of 77.73, a PEG ratio of 3.50 and a beta of 1.03. 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 stock’s 50 day simple moving average is $303.70 and its 200 day simple moving average is $285.87. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99.

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $292.32, for a total value of $190,008.00. Following the sale, the vice president now owns 58,773 shares of the company’s stock, valued at $17,180,523.36. The trade was a 1.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction on Monday, January 6th. The shares were 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 directly owns 55,874 shares in the company, valued at approximately $17,320,940. This represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 108,416 shares of company stock worth $33,538,875. 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.