Clare Market Investments LLC Invests $431,000 in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Clare Market Investments LLC purchased a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the fourth quarter, Holdings Channel.com reports. The firm purchased 1,435 shares of the software maker’s stock, valued at approximately $431,000.

Other hedge funds have also modified their holdings of the company. Golden State Wealth Management LLC acquired a new position in shares of Cadence Design Systems in the fourth quarter worth $28,000. Missouri Trust & Investment Co acquired a new position in shares of Cadence Design Systems in the third quarter worth $27,000. MidAtlantic Capital Management Inc. acquired a new position in shares of Cadence Design Systems in the third quarter worth $28,000. Versant Capital Management Inc increased its position in Cadence Design Systems by 164.2% during the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after buying an additional 87 shares during the last quarter. Finally, OFI Invest Asset Management acquired a new position in Cadence Design Systems during the fourth quarter worth $46,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Stock Down 3.8 %

CDNS stock opened at $233.96 on Tuesday. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 52-week low of $231.51 and a 52-week high of $328.99. The company has a 50-day moving average of $287.32 and a two-hundred day moving average of $285.16. The stock has a market capitalization of $64.13 billion, a price-to-earnings ratio of 60.61, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. As a group, equities research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Activity at Cadence Design Systems

In related news, 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 in the company, valued at approximately $4,378,158.04. This trade represents a 18.13 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $252.73, for a total transaction of $164,274.50. Following the completion of the sale, the vice president now owns 58,123 shares of the company’s stock, valued at approximately $14,689,425.79. The trade was a 1.11 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 108,416 shares of company stock worth $33,504,126. Company insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Redburn Atlantic assumed coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 target price on the stock. Loop Capital lowered their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. 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. Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price on the stock. Finally, StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average target price of $326.92.

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.