Meritage Portfolio Management Has $12.16 Million Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Meritage Portfolio Management lowered its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 40,485 shares of the software maker’s stock after selling 1,017 shares during the quarter. Meritage Portfolio Management’s holdings in Cadence Design Systems were worth $12,164,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of CDNS. Choreo LLC lifted its holdings in Cadence Design Systems by 12.3% during the fourth quarter. Choreo LLC now owns 5,761 shares of the software maker’s stock worth $1,739,000 after acquiring an additional 632 shares in the last quarter. Nvwm LLC increased its stake in Cadence Design Systems by 3.4% during the 4th quarter. Nvwm LLC now owns 5,032 shares of the software maker’s stock worth $1,512,000 after purchasing an additional 167 shares in the last quarter. Lion Street Advisors LLC bought a new position in Cadence Design Systems in the fourth quarter valued at approximately $250,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Cadence Design Systems by 7.2% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 114,024 shares of the software maker’s stock valued at $34,725,000 after buying an additional 7,679 shares during the period. Finally, Weaver Capital Management LLC increased its position in shares of Cadence Design Systems by 91.9% during the fourth quarter. Weaver Capital Management LLC now owns 1,683 shares of the software maker’s stock worth $506,000 after acquiring an additional 806 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

CDNS has been the subject of a number of research analyst reports. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 target price for the company. Wells Fargo & Company started coverage on Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective for the company. Needham & Company LLC cut their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Robert W. Baird raised their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Finally, Berenberg Bank began coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and an average target price of $329.50.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the transaction, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at $17,320,940. This represents a 62.51 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $306.19, for a total transaction of $199,023.50. Following the sale, the vice president now owns 60,461 shares of the company’s stock, valued at $18,512,553.59. This trade represents a 1.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 107,766 shares of company stock worth $33,348,867 over the last 90 days. Company insiders own 0.62% of the company’s stock.

Cadence Design Systems Trading Up 0.5 %

Shares of NASDAQ:CDNS opened at $299.67 on Wednesday. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The company has a market capitalization of $82.19 billion, a P/E ratio of 78.65, a price-to-earnings-growth ratio of 3.42 and a beta of 1.03. The company has a 50-day simple moving average of $304.81 and a 200 day simple moving average of $284.68.

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.