Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock Position Lifted by Robocap Asset Management Ltd

Robocap Asset Management Ltd grew its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 30.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,003 shares of the software maker's stock after buying an additional 4,861 shares during the quarter. Cadence Design Systems accounts for approximately 4.2% of Robocap Asset Management Ltd's holdings, making the stock its 13th biggest holding. Robocap Asset Management Ltd's holdings in Cadence Design Systems were worth $6,311,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Golden State Wealth Management LLC acquired a new position in shares of Cadence Design Systems in the fourth quarter worth $28,000. Missouri Trust & Investment Co acquired a new stake in shares of Cadence Design Systems during the 3rd quarter worth $27,000. MidAtlantic Capital Management Inc. acquired a new position in shares of Cadence Design Systems in the 3rd quarter valued at about $28,000. Versant Capital Management Inc increased its position in shares of Cadence Design Systems by 164.2% in the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock worth $42,000 after acquiring an additional 87 shares in the last quarter. Finally, Prestige Wealth Management Group LLC raised its position in Cadence Design Systems by 56.6% in the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker's stock valued at $45,000 after purchasing an additional 60 shares during the period. Institutional investors and hedge funds own 84.85% of the company's stock.

Cadence Design Systems Price Performance

Shares of CDNS stock traded down $1.76 during midday trading on Tuesday, reaching $303.87. 959,613 shares of the company were exchanged, compared to its average volume of 1,479,917. The company's 50 day moving average price is $304.50 and its two-hundred day moving average price is $285.50. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The company has a market cap of $83.34 billion, a P/E ratio of 79.76, a PEG ratio of 3.50 and a beta of 1.03. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on CDNS shares. Wells Fargo & Company initiated coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They issued an "overweight" rating and a $350.00 target price for the company. Mizuho raised their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the stock an "outperform" rating in a research note on Friday, December 13th. Robert W. Baird upped their target price on Cadence Design Systems from $332.00 to $340.00 and gave the company an "outperform" rating in a report on Tuesday, October 29th. Berenberg Bank initiated coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They set a "buy" rating and a $320.00 price objective for the company. Finally, StockNews.com cut Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, Cadence Design Systems has an average rating of "Moderate Buy" and an average target price of $329.50.

Insider Buying and Selling

In other news, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $306.19, for a total transaction of $199,023.50. Following the completion of the transaction, the vice president now owns 60,461 shares in the company, valued at approximately $18,512,553.59. This trade represents a 1.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Anirudh Devgan sold 5,920 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the completion of the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at $16,987,930.96. This represents a 9.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 108,416 shares of company stock valued at $33,538,875 over the last quarter. Corporate insiders own 1.99% of the company's stock.

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.