Quotient Wealth Partners LLC Increases Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Quotient Wealth Partners LLC increased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 47.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,118 shares of the software maker’s stock after purchasing an additional 360 shares during the period. Quotient Wealth Partners LLC’s holdings in Cadence Design Systems were worth $336,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of CDNS. Golden State Wealth Management LLC acquired a new stake in shares of Cadence Design Systems during the fourth quarter worth about $28,000. Missouri Trust & Investment Co acquired a new stake in Cadence Design Systems during the 3rd quarter worth approximately $27,000. MidAtlantic Capital Management Inc. acquired a new position in shares of Cadence Design Systems in the third quarter valued at approximately $28,000. Versant Capital Management Inc raised its stake in shares of Cadence Design Systems by 164.2% during the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after purchasing an additional 87 shares during the last quarter. Finally, Prestige Wealth Management Group LLC lifted its holdings in shares of Cadence Design Systems by 56.6% during the third 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 period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently issued reports on CDNS shares. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Mizuho increased their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Berenberg Bank assumed coverage on Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price target on the stock. Wells Fargo & Company began 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. Finally, StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $329.50.

Cadence Design Systems Stock Down 1.1 %

CDNS stock opened at $299.68 on Monday. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99. The stock has a market capitalization of $82.19 billion, a P/E ratio of 78.66, a PEG ratio of 3.50 and a beta of 1.03. The company has a 50 day moving average price of $304.59 and a two-hundred day moving average price of $285.03. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45.

Insider Activity

In related news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $306.19, for a total value of $199,023.50. Following the completion of the sale, the vice president now directly owns 60,461 shares in the company, valued at approximately $18,512,553.59. The trade was a 1.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. This represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 108,416 shares of company stock valued at $33,538,875 over the last quarter. Company insiders own 1.99% of the company’s stock.

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.