1,211 Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS) Bought by Level Four Advisory Services LLC

Level Four Advisory Services LLC bought a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 4th quarter, Holdings Channel reports. The fund bought 1,211 shares of the software maker’s stock, valued at approximately $364,000.

Several other institutional investors also recently modified their holdings of CDNS. Vanguard Group Inc. raised its position in shares of Cadence Design Systems by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker’s stock valued at $7,784,674,000 after acquiring an additional 201,340 shares during the period. State Street Corp raised its holdings in Cadence Design Systems by 0.5% in the third quarter. State Street Corp now owns 11,922,747 shares of the software maker’s stock worth $3,231,422,000 after purchasing an additional 60,490 shares during the period. Jennison Associates LLC boosted its position in shares of Cadence Design Systems by 5.3% during the fourth quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock worth $2,406,760,000 after purchasing an additional 404,076 shares in the last quarter. Norges Bank acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at $1,170,209,000. Finally, Nordea Investment Management AB increased its position in shares of Cadence Design Systems by 6.5% in the 4th quarter. Nordea Investment Management AB now owns 2,933,392 shares of the software maker’s stock valued at $885,356,000 after buying an additional 178,212 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have issued reports on CDNS. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Bank of America decreased their price objective on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Oppenheimer dropped their target price on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a report on Wednesday, March 19th. Rosenblatt Securities upped their price target on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Finally, Piper Sandler raised their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $324.83.

Insider Activity

In related news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total transaction of $190,008.00. Following the transaction, the vice president now directly owns 58,773 shares of the company’s stock, valued at approximately $17,180,523.36. The trade was a 1.09 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Anirudh Devgan sold 5,920 shares of the firm’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total value of $1,799,916.80. Following the sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at $16,987,930.96. This represents a 9.58 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 101,021 shares of company stock valued at $31,229,155. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Stock Performance

CDNS opened at $254.33 on Tuesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The business’s 50-day simple moving average is $273.52 and its 200 day simple moving average is $284.41. The firm has a market capitalization of $69.77 billion, a PE ratio of 65.89, a PEG ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 52-week low of $230.09 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.35 billion. As a group, sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

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.