Harvest Fund Management Co. Ltd Acquires 9,154 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Harvest Fund Management Co. Ltd lifted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 68.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 22,446 shares of the software maker's stock after buying an additional 9,154 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in Cadence Design Systems were worth $6,755,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Avior Wealth Management LLC raised its stake in shares of Cadence Design Systems by 12.4% in the fourth quarter. Avior Wealth Management LLC now owns 326 shares of the software maker's stock valued at $98,000 after acquiring an additional 36 shares during the last quarter. Lindbrook Capital LLC grew its position in Cadence Design Systems by 1.7% during the 4th quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker's stock worth $670,000 after acquiring an additional 38 shares during the last quarter. Fifth Third Wealth Advisors LLC increased its holdings in Cadence Design Systems by 0.7% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker's stock valued at $1,501,000 after purchasing an additional 40 shares in the last quarter. Empower Advisory Group LLC raised its position in Cadence Design Systems by 4.9% in the 4th quarter. Empower Advisory Group LLC now owns 875 shares of the software maker's stock valued at $263,000 after purchasing an additional 41 shares during the last quarter. Finally, Marcum Wealth LLC boosted its stake in Cadence Design Systems by 4.1% in the fourth quarter. Marcum Wealth LLC now owns 1,123 shares of the software maker's stock worth $337,000 after purchasing an additional 44 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

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Insiders Place Their Bets

In other news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total value of $190,008.00. Following the completion of the transaction, the vice president now owns 58,773 shares in the company, valued at $17,180,523.36. This represents a 1.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Anirudh Devgan sold 93,151 shares of the firm's stock in a transaction on Monday, January 6th. The stock was 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 owns 55,874 shares in the company, valued at approximately $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 101,021 shares of company stock worth $31,229,155. Corporate insiders own 1.99% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Redburn Atlantic initiated coverage on Cadence Design Systems in a research note on Monday, January 13th. They issued a "buy" rating and a $350.00 target price for the company. StockNews.com cut shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Loop Capital reduced their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a research report on Wednesday, February 19th. Oppenheimer lowered their price target 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. Finally, Rosenblatt Securities upped their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the stock a "neutral" rating 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 company currently has a consensus rating of "Moderate Buy" and an average target price of $324.83.

Cadence Design Systems Trading Up 1.5 %

CDNS traded up $3.92 during midday trading on Friday, reaching $262.42. 5,699,757 shares of the company were exchanged, compared to its average volume of 1,808,735. The stock has a market capitalization of $71.93 billion, a P/E ratio of 67.98, a PEG ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a one year low of $230.09 and a one year high of $328.99. The stock's 50-day simple moving average is $278.01 and its 200 day simple moving average is $283.98. 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 (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.82 by ($0.33). The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates 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 forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal 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.