Segall Bryant & Hamill LLC Buys 2,678 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Segall Bryant & Hamill LLC lifted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 97,692 shares of the software maker’s stock after acquiring an additional 2,678 shares during the quarter. Segall Bryant & Hamill LLC’s holdings in Cadence Design Systems were worth $29,353,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Avior Wealth Management LLC lifted its position in Cadence Design Systems by 12.4% during the 4th quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock worth $98,000 after acquiring an additional 36 shares during the last quarter. Lindbrook Capital LLC increased its position in Cadence Design Systems by 1.7% in the 4th quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker’s stock worth $670,000 after buying an additional 38 shares during the period. Empower Advisory Group LLC lifted its holdings in shares of Cadence Design Systems by 4.9% during the fourth quarter. Empower Advisory Group LLC now owns 875 shares of the software maker’s stock worth $263,000 after buying an additional 41 shares during the last quarter. Marcum Wealth LLC boosted its holdings in Cadence Design Systems by 4.1% in the 4th quarter. Marcum Wealth LLC now owns 1,123 shares of the software maker’s stock valued at $337,000 after purchasing an additional 44 shares during the period. Finally, CX Institutional grew its position in Cadence Design Systems by 2.6% in the 4th quarter. CX Institutional now owns 1,791 shares of the software maker’s stock worth $538,000 after purchasing an additional 46 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Bank of America lowered their price target on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Needham & Company LLC restated a “buy” rating and issued a $325.00 target price on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Oppenheimer reduced their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a report on Wednesday, March 19th. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Finally, Loop Capital dropped their target price on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $324.83.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS opened at $267.15 on Tuesday. The business has a fifty day moving average of $277.50 and a 200-day moving average of $284.31. The firm has a market cap of $73.23 billion, a PE ratio of 69.21, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. Cadence Design Systems, Inc. has a twelve month low of $230.09 and a twelve month high of $328.99.

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

Insider Activity

In other Cadence Design Systems news, CEO Anirudh Devgan sold 5,920 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the transaction, the chief executive officer now owns 55,874 shares in the company, valued at approximately $16,987,930.96. This trade represents a 9.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total transaction of $164,274.50. Following the transaction, the vice president now directly owns 58,123 shares in the company, valued at $14,689,425.79. The trade was a 1.11 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 101,021 shares of company stock valued at $31,229,155. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems 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.