Brookstone Capital Management Has $4.37 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Brookstone Capital Management increased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 36.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,532 shares of the software maker's stock after acquiring an additional 3,858 shares during the quarter. Brookstone Capital Management's holdings in Cadence Design Systems were worth $4,366,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the company. State Street Corp increased its stake in shares of Cadence Design Systems by 0.5% in the third quarter. State Street Corp now owns 11,922,747 shares of the software maker's stock valued at $3,231,422,000 after purchasing an additional 60,490 shares during the period. Jennison Associates LLC increased its stake in shares of Cadence Design Systems by 2.7% in the third quarter. Jennison Associates LLC now owns 7,606,175 shares of the software maker's stock valued at $2,061,502,000 after purchasing an additional 198,230 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Cadence Design Systems by 0.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,988,851 shares of the software maker's stock valued at $1,081,098,000 after acquiring an additional 37,452 shares in the last quarter. Nordea Investment Management AB boosted its holdings in shares of Cadence Design Systems by 6.5% in the fourth quarter. Nordea Investment Management AB now owns 2,933,392 shares of the software maker's stock valued at $885,356,000 after acquiring an additional 178,212 shares in the last quarter. Finally, Van ECK Associates Corp boosted its holdings in shares of Cadence Design Systems by 26.1% in the third 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 in the last quarter. Institutional investors and hedge funds own 84.85% of the company's stock.

Insiders Place Their Bets

In related news, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total value of $198,146.00. Following the transaction, the vice president now directly owns 59,311 shares in the company, valued at approximately $18,080,365.24. This trade represents a 1.08 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Anirudh Devgan sold 93,151 shares of the firm's stock in a transaction 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 owns 55,874 shares in the company, valued at $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. Insiders sold a total of 108,416 shares of company stock worth $33,528,267 in the last quarter. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Stock Up 2.2 %

CDNS stock traded up $6.53 during midday trading on Wednesday, reaching $300.72. The company had a trading volume of 1,819,871 shares, compared to its average volume of 1,380,286. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. 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 market capitalization of $82.48 billion, a P/E ratio of 78.93, a PEG ratio of 4.16 and a beta of 1.04. The company has a 50 day moving average of $304.32 and a two-hundred day moving average of $285.20.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its 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 net margin of 23.87% and a return on equity of 28.49%. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the prior year, the firm earned $1.01 EPS. The company's revenue was up 18.8% compared to the same quarter last year. On average, equities research analysts expect that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Loop Capital assumed coverage on shares of Cadence Design Systems in a report on Monday, November 11th. They issued a "buy" rating and a $360.00 price objective for the company. Robert W. Baird increased their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an "outperform" rating in a report on Tuesday, October 29th. Rosenblatt Securities reiterated a "neutral" rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 29th. Mizuho raised their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an "outperform" rating in a report on Friday, December 13th. Finally, Oppenheimer initiated coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They issued an "underperform" rating and a $225.00 price objective for the company. One equities 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 data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $329.50.

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.