Blue Trust Inc. Has $1.76 Million Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Blue Trust Inc. lifted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 23.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,854 shares of the software maker's stock after buying an additional 1,102 shares during the quarter. Blue Trust Inc.'s holdings in Cadence Design Systems were worth $1,759,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of CDNS. Missouri Trust & Investment Co purchased a new stake in Cadence Design Systems during the 3rd quarter worth approximately $27,000. MidAtlantic Capital Management Inc. purchased a new stake in Cadence Design Systems during the 3rd quarter worth approximately $28,000. Versant Capital Management Inc increased its holdings in Cadence Design Systems by 164.2% during the 4th 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. Prestige Wealth Management Group LLC increased its holdings in Cadence Design Systems by 56.6% during the 3rd 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 last quarter. Finally, Meeder Asset Management Inc. increased its holdings in Cadence Design Systems by 30.3% during the 3rd quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker's stock worth $55,000 after purchasing an additional 47 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the business's stock in a transaction on Friday, November 1st. The stock was sold at an average price of $276.00, for a total transaction of $179,400.00. Following the completion of the transaction, the vice president now owns 61,111 shares in the company, valued at approximately $16,866,636. The trade was a 1.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Anirudh Devgan sold 93,151 shares of the business's stock in a transaction on Monday, January 6th. The stock was 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 owns 55,874 shares of the company's stock, valued at $17,320,940. This trade represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 108,416 shares of company stock worth $33,528,267. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Stock Performance

NASDAQ:CDNS traded up $9.43 during midday trading on Tuesday, reaching $299.30. 2,261,945 shares of the company traded hands, compared to its average volume of 1,647,420. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99. The firm has a market capitalization of $82.09 billion, a price-to-earnings ratio of 78.56, a price-to-earnings-growth ratio of 3.70 and a beta of 1.04. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The company has a fifty day moving average price of $306.05 and a 200 day moving average price of $284.72.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the previous year, the firm posted $1.01 EPS. The firm's quarterly revenue was up 18.8% on a year-over-year basis. On average, analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CDNS. Loop Capital began coverage on Cadence Design Systems in a report on Monday, November 11th. They set a "buy" rating and a $360.00 price objective 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 on the stock. Needham & Company LLC decreased their target price on Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating for the company in a research report on Tuesday, October 29th. Robert W. Baird lifted their target price on Cadence Design Systems from $332.00 to $340.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 29th. Finally, Berenberg Bank began coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They issued a "buy" rating and a $320.00 target price for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $329.50.

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.