Empowered Funds LLC Grows Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Empowered Funds LLC lifted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 13.4% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 14,708 shares of the software maker's stock after buying an additional 1,734 shares during the quarter. Empowered Funds LLC's holdings in Cadence Design Systems were worth $4,419,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CDNS. Van ECK Associates Corp boosted its position in shares of Cadence Design Systems by 26.1% during the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker's stock valued at $689,472,000 after acquiring an additional 572,251 shares during the last quarter. Principal Financial Group Inc. raised its stake in Cadence Design Systems by 33.0% during the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker's stock valued at $547,886,000 after purchasing an additional 501,833 shares in the last quarter. Manning & Napier Advisors LLC bought a new position in Cadence Design Systems during the fourth quarter valued at $148,594,000. Meridiem Investment Management Ltd. purchased a new position in shares of Cadence Design Systems in the 3rd quarter worth $129,285,000. Finally, Jennison Associates LLC increased its holdings in shares of Cadence Design Systems by 5.3% in the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker's stock worth $2,406,760,000 after buying an additional 404,076 shares during the last quarter. Institutional investors own 84.85% of the company's stock.

Cadence Design Systems Stock Performance

NASDAQ CDNS traded down $9.82 on Wednesday, hitting $294.05. 1,091,494 shares of the company's stock traded hands, compared to its average volume of 1,466,853. The firm's 50-day moving average price is $304.31 and its two-hundred day moving average price is $285.81. The firm has a market capitalization of $80.65 billion, a PE ratio of 77.18, a P/E/G ratio of 3.50 and a beta of 1.03. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99.

Insider Transactions at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the sale, the chief executive officer now directly owns 55,874 shares of the company's stock, valued at $17,320,940. This represents a 62.51 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated 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 transaction, the vice president now owns 60,461 shares of the company's stock, valued at approximately $18,512,553.59. This represents a 1.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock worth $33,538,875 over the last quarter. 1.99% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CDNS. Robert W. Baird raised their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the company an "outperform" rating in a research note on Tuesday, October 29th. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They set an "overweight" rating and a $350.00 price objective for the company. 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 research note on Friday, December 13th. Loop Capital began coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They set a "buy" rating and a $360.00 price target for the company. Finally, Redburn Atlantic began coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They set a "buy" rating and a $350.00 price target on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, Cadence Design Systems presently has a consensus 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.