Carderock Capital Management Inc. Reduces Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Carderock Capital Management Inc. lessened its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 3.4% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 32,189 shares of the software maker's stock after selling 1,130 shares during the quarter. Cadence Design Systems makes up about 2.4% of Carderock Capital Management Inc.'s investment portfolio, making the stock its 13th largest position. Carderock Capital Management Inc.'s holdings in Cadence Design Systems were worth $9,672,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Cadence Design Systems by 48.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker's stock valued at $258,136,000 after acquiring an additional 310,250 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec bought a new position in Cadence Design Systems during the third quarter valued at $24,026,000. Teamwork Financial Advisors LLC grew its stake in shares of Cadence Design Systems by 19.4% in the 3rd quarter. Teamwork Financial Advisors LLC now owns 13,131 shares of the software maker's stock worth $3,559,000 after buying an additional 2,136 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of Cadence Design Systems by 2.7% in the 3rd quarter. Jennison Associates LLC now owns 7,606,175 shares of the software maker's stock worth $2,061,502,000 after buying an additional 198,230 shares during the last quarter. Finally, Vontobel Holding Ltd. raised its position in shares of Cadence Design Systems by 5.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 228,597 shares of the software maker's stock valued at $61,957,000 after buying an additional 11,568 shares in the last quarter. Institutional investors own 84.85% of the company's stock.

Insiders Place Their Bets

In other news, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the transaction, the chief executive officer now owns 55,874 shares of the company's stock, valued at $17,320,940. The trade was a 62.51 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $306.19, for a total transaction of $199,023.50. Following the sale, the vice president now directly owns 60,461 shares of the company's stock, valued at $18,512,553.59. The trade was a 1.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 108,416 shares of company stock worth $33,528,267 over the last 90 days. Company insiders own 0.62% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on CDNS shares. Oppenheimer began coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They set an "underperform" rating and a $225.00 price objective on the stock. Needham & Company LLC lowered their price target on Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating for the company in a research report on Tuesday, October 29th. Wells Fargo & Company initiated coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They set an "overweight" rating and a $350.00 price objective on the stock. 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, Robert W. Baird upped their price target 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. One analyst has rated the stock with a sell rating, two have given a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and an average target price of $329.50.

Cadence Design Systems Stock Up 2.2 %

Shares of Cadence Design Systems stock traded up $6.70 during trading on Friday, hitting $305.60. 1,567,258 shares of the stock traded hands, compared to its average volume of 1,176,470. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. The stock's fifty day simple moving average is $304.43 and its 200 day simple moving average is $285.15. The firm has a market cap of $83.81 billion, a P/E ratio of 80.21, a price-to-earnings-growth 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.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating the consensus estimate 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 business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the previous year, the business posted $1.01 EPS. The company's quarterly revenue was up 18.8% compared to the same quarter last year. On average, equities analysts predict that Cadence Design Systems, Inc. will post 4.75 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.