Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Sendero Wealth Management LLC

Sendero Wealth Management LLC increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 25.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,477 shares of the software maker's stock after acquiring an additional 1,296 shares during the quarter. Sendero Wealth Management LLC's holdings in Cadence Design Systems were worth $1,946,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CDNS. Van ECK Associates Corp grew its position in shares of Cadence Design Systems by 26.1% during the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker's stock worth $689,472,000 after acquiring an additional 572,251 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Cadence Design Systems by 33.0% during the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker's stock worth $547,886,000 after purchasing an additional 501,833 shares during the period. Meridiem Investment Management Ltd. purchased a new position in Cadence Design Systems during the 3rd quarter worth $129,285,000. Sumitomo Mitsui Trust Group Inc. increased its stake in Cadence Design Systems by 48.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker's stock valued at $258,136,000 after purchasing an additional 310,250 shares during the period. Finally, Marshall Wace LLP raised its holdings in shares of Cadence Design Systems by 153.4% in the second quarter. Marshall Wace LLP now owns 471,010 shares of the software maker's stock valued at $144,953,000 after buying an additional 285,130 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently issued reports on CDNS. Rosenblatt Securities restated a "neutral" rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Wells Fargo & Company started coverage on Cadence Design Systems in a report on Friday, November 22nd. They issued an "overweight" rating and a $350.00 target price on the stock. Needham & Company LLC decreased their price target on Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating for the company in a report on Tuesday, October 29th. Redburn Atlantic began coverage on shares of Cadence Design Systems in a research report on Monday. They issued a "buy" rating and a $350.00 price objective on the stock. Finally, Robert W. Baird upped their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 29th. One investment 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's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $329.50.

Insider Buying and Selling at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 93,151 shares of the firm's stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now directly 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO John M. Wall sold 4,224 shares of the company's stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $309.03, for a total value of $1,305,342.72. Following the completion of the sale, the chief financial officer now directly owns 29,248 shares in the company, valued at approximately $9,038,509.44. The trade was a 12.62 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 108,416 shares of company stock worth $33,528,267. 0.62% of the stock is owned by corporate insiders.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS traded down $1.82 during trading on Thursday, hitting $298.90. 1,430,485 shares of the stock were exchanged, compared to its average volume of 1,394,958. The company has a market cap of $81.98 billion, a PE ratio of 78.45, a P/E/G ratio of 3.44 and a beta of 1.04. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The company has a fifty day moving average price of $304.40 and a two-hundred day moving average price of $285.31. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99.

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

Cadence Design Systems Company 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.