2,641 Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS) Bought by Savvy Advisors Inc.

Savvy Advisors Inc. bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 2,641 shares of the software maker's stock, valued at approximately $794,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC purchased a new position in Cadence Design Systems during the fourth quarter valued at approximately $28,000. Avalon Trust Co purchased a new stake in Cadence Design Systems during the 4th quarter worth approximately $39,000. Versant Capital Management Inc lifted its holdings in Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock valued at $42,000 after purchasing an additional 87 shares in the last quarter. OFI Invest Asset Management purchased a new stake in Cadence Design Systems during the 4th quarter valued at about $46,000. Finally, Synergy Investment Management LLC acquired a new stake in shares of Cadence Design Systems in the fourth quarter valued at approximately $50,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CDNS. Robert W. Baird decreased their price objective on Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating on the stock in a report on Thursday, February 20th. Rosenblatt Securities increased their target price on Cadence Design Systems from $280.00 to $295.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Mizuho reduced their price target on shares of Cadence Design Systems from $350.00 to $300.00 and set an "outperform" rating on the stock in a research report on Tuesday. Piper Sandler upped their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 19th. Finally, Oppenheimer reduced their price objective on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a research note on Wednesday, March 19th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $320.67.

Insider Activity

In other news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $252.73, for a total transaction of $164,274.50. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold 1,950 shares of company stock worth $518,499 over the last three months. 0.37% of the stock is currently owned by corporate insiders.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS traded up $0.96 during trading on Friday, hitting $260.22. 1,914,622 shares of the stock were exchanged, compared to its average volume of 1,950,998. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $328.99. The company has a market cap of $71.38 billion, a PE ratio of 67.41, a P/E/G ratio of 3.88 and a beta of 1.14. The company has a fifty day moving average price of $257.23 and a two-hundred day moving average price of $282.03. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly 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). The firm had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. On average, analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

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.