Dock Street Asset Management Inc. Increases Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Dock Street Asset Management Inc. grew its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 75,908 shares of the software maker’s stock after buying an additional 558 shares during the period. Cadence Design Systems accounts for approximately 3.2% of Dock Street Asset Management Inc.’s holdings, making the stock its 10th biggest position. Dock Street Asset Management Inc.’s holdings in Cadence Design Systems were worth $20,675,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new position in shares of Cadence Design Systems in the 4th quarter worth about $770,945,000. Alliancebernstein L.P. raised its position in shares of Cadence Design Systems by 620.0% in the 4th quarter. Alliancebernstein L.P. now owns 2,954,303 shares of the software maker’s stock worth $474,579,000 after purchasing an additional 2,543,966 shares during the last quarter. Moneta Group Investment Advisors LLC purchased a new position in shares of Cadence Design Systems in the 4th quarter worth about $227,854,000. Nordea Investment Management AB raised its position in shares of Cadence Design Systems by 124.8% in the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock worth $515,995,000 after purchasing an additional 1,052,228 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in shares of Cadence Design Systems by 143.3% in the 3rd quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock worth $383,062,000 after purchasing an additional 962,987 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 1,454 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $441,870.60. Following the completion of the transaction, the chief executive officer now directly owns 136,455 shares in the company, valued at approximately $41,468,674.50. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Cadence Design Systems news, CEO Anirudh Devgan sold 1,454 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $441,870.60. Following the completion of the transaction, the chief executive officer now directly owns 136,455 shares in the company, valued at approximately $41,468,674.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total value of $449,130.00. Following the completion of the transaction, the director now owns 53,183 shares of the company’s stock, valued at $15,924,053.86. The disclosure for this sale can be found here. In the last ninety days, insiders sold 177,544 shares of company stock worth $53,581,207. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS traded down $5.20 during midday trading on Thursday, hitting $288.51. 649,906 shares of the company’s stock traded hands, compared to its average volume of 1,460,932. Cadence Design Systems, Inc. has a 1 year low of $194.01 and a 1 year high of $327.36. The stock has a market capitalization of $78.54 billion, a price-to-earnings ratio of 76.89, a price-to-earnings-growth ratio of 3.65 and a beta of 1.04. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24. The firm has a fifty day moving average of $306.58 and a 200 day moving average of $279.35.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 EPS for the quarter, beating the consensus estimate of $1.33 by $0.05. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The firm had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the prior year, the firm earned $0.75 EPS. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. On average, analysts forecast that Cadence Design Systems, Inc. will post 4.82 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have recently issued reports on CDNS. KeyCorp lifted their price target on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Monday. Wells Fargo & Company boosted their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $260.00 to $350.00 in a research report on Wednesday, February 14th. Stifel Nicolaus boosted their target price on Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, February 13th. Finally, Robert W. Baird boosted their target price on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research report on Thursday. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $318.10.

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.