Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock Position Increased by Wesbanco Bank Inc.

Wesbanco Bank Inc. boosted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 18.7% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,346 shares of the software maker’s stock after buying an additional 369 shares during the quarter. Wesbanco Bank Inc.’s holdings in Cadence Design Systems were worth $705,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Janney Montgomery Scott LLC boosted its position in shares of Cadence Design Systems by 7.7% during the 4th quarter. Janney Montgomery Scott LLC now owns 88,908 shares of the software maker’s stock valued at $26,713,000 after purchasing an additional 6,364 shares in the last quarter. SG Americas Securities LLC lifted its stake in Cadence Design Systems by 59.6% during the fourth quarter. SG Americas Securities LLC now owns 101,659 shares of the software maker’s stock valued at $30,544,000 after purchasing an additional 37,943 shares during the last quarter. Advisory Alpha LLC bought a new stake in Cadence Design Systems during the fourth quarter worth approximately $254,000. Nisa Investment Advisors LLC grew its position in Cadence Design Systems by 132.1% in the fourth quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock worth $41,850,000 after buying an additional 79,268 shares during the last quarter. Finally, Simon Quick Advisors LLC increased its holdings in shares of Cadence Design Systems by 11.9% in the fourth quarter. Simon Quick Advisors LLC now owns 1,234 shares of the software maker’s stock valued at $371,000 after buying an additional 131 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS opened at $324.52 on Friday. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99. The business’s 50-day moving average price is $305.09 and its two-hundred day moving average price is $285.05. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The company has a market capitalization of $89.00 billion, a P/E ratio of 85.18, a price-to-earnings-growth ratio of 3.58 and a beta of 1.04.

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 29th. Redburn Atlantic started coverage on Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 price target on the stock. Berenberg Bank initiated coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective for the company. Loop Capital started coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They issued a “buy” rating and a $360.00 target price on the stock. Finally, Needham & Company LLC reduced 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 research report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $329.50.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was 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 owns 55,874 shares of the company’s stock, valued at $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John M. Wall sold 4,224 shares of the stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $309.03, for a total value of $1,305,342.72. Following the transaction, the chief financial officer now directly owns 29,248 shares in the company, valued at approximately $9,038,509.44. This represents a 12.62 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 108,416 shares of company stock valued at $33,528,267. Insiders own 1.99% of the company’s stock.

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.