Advisor OS LLC Has $1.07 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Advisor OS LLC reduced its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 17.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,569 shares of the software maker’s stock after selling 735 shares during the period. Advisor OS LLC’s holdings in Cadence Design Systems were worth $1,072,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Lake Street Advisors Group LLC grew its stake in shares of Cadence Design Systems by 3.6% during the 4th quarter. Lake Street Advisors Group LLC now owns 2,655 shares of the software maker’s stock worth $798,000 after acquiring an additional 93 shares in the last quarter. Kirtland Hills Capital Management LLC acquired a new stake in Cadence Design Systems in the 4th quarter valued at $246,000. LGL Partners LLC bought a new stake in Cadence Design Systems during the 4th quarter worth about $224,000. FFT Wealth Management LLC acquired a new position in shares of Cadence Design Systems during the 4th quarter worth about $407,000. Finally, Los Angeles Capital Management LLC grew its holdings in shares of Cadence Design Systems by 8,929.3% in the 4th quarter. Los Angeles Capital Management LLC now owns 262,121 shares of the software maker’s stock valued at $78,757,000 after acquiring an additional 259,218 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CDNS has been the topic of several analyst reports. Needham & Company LLC reiterated a “buy” rating and set a $325.00 target price on shares of Cadence Design Systems in a report on Wednesday, February 19th. Bank of America decreased their target price on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Mizuho upped their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Rosenblatt Securities lifted their price objective on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Finally, Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average price target of $326.92.

Insider Activity at Cadence Design Systems

In related news, VP Paul Scannell sold 3,171 shares of the stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $305.78, for a total transaction of $969,628.38. Following the sale, the vice president now owns 14,318 shares of the company’s stock, valued at $4,378,158.04. This represents a 18.13 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total value of $190,008.00. Following the transaction, the vice president now owns 58,773 shares in the company, valued at approximately $17,180,523.36. This trade represents a 1.09 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 108,416 shares of company stock worth $33,538,875. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Down 1.6 %

Shares of CDNS stock opened at $248.90 on Wednesday. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99. The firm has a 50 day moving average price of $298.08 and a two-hundred day moving average price of $287.22. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $68.26 billion, a PE ratio of 64.48, a price-to-earnings-growth ratio of 3.88 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. As a group, analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

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.