Miracle Mile Advisors LLC Has $2.05 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Miracle Mile Advisors LLC lifted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 22.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,824 shares of the software maker’s stock after purchasing an additional 1,229 shares during the period. Miracle Mile Advisors LLC’s holdings in Cadence Design Systems were worth $2,050,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of CDNS. Missouri Trust & Investment Co acquired a new position in Cadence Design Systems during the 3rd quarter worth about $27,000. MidAtlantic Capital Management Inc. acquired a new position in shares of Cadence Design Systems in the third quarter worth approximately $28,000. Versant Capital Management Inc increased its position in Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after purchasing an additional 87 shares during the period. Prestige Wealth Management Group LLC raised its holdings in Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after purchasing an additional 60 shares during the last quarter. Finally, Meeder Asset Management Inc. boosted its stake in shares of Cadence Design Systems by 30.3% in the 3rd quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock valued at $55,000 after purchasing an additional 47 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Needham & Company LLC dropped their target price on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Oppenheimer started coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price for the company. Berenberg Bank assumed coverage on Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target on the stock. Mizuho lifted their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Finally, Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $329.50.

Insider Activity at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 5,920 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $16,987,930.96. The trade was a 9.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total transaction of $198,146.00. Following the completion of the sale, the vice president now directly owns 59,311 shares in the company, valued at approximately $18,080,365.24. This represents a 1.08 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 108,416 shares of company stock valued at $33,528,267. 1.99% of the stock is owned by insiders.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $292.50 on Tuesday. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The stock has a market cap of $80.22 billion, a PE ratio of 76.77, a price-to-earnings-growth ratio of 4.16 and a beta of 1.04. The stock’s fifty day simple moving average is $304.26 and its two-hundred day simple moving average is $285.30.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.20. The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.01 earnings per share. As a group, analysts forecast that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

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.