Cerity Partners LLC Has $4.82 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Cerity Partners LLC increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 10.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,798 shares of the software maker's stock after purchasing an additional 1,573 shares during the quarter. Cerity Partners LLC's holdings in Cadence Design Systems were worth $4,815,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the company. FMR LLC lifted its position in shares of Cadence Design Systems by 8.7% in the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock valued at $2,397,266,000 after acquiring an additional 639,146 shares in the last quarter. Himension Capital Singapore PTE. LTD. grew its holdings in shares of Cadence Design Systems by 9.1% during the fourth quarter. Himension Capital Singapore PTE. LTD. now owns 13,119 shares of the software maker's stock valued at $3,942,000 after buying an additional 1,091 shares in the last quarter. Ilmarinen Mutual Pension Insurance Co raised its position in Cadence Design Systems by 4.5% during the fourth quarter. Ilmarinen Mutual Pension Insurance Co now owns 57,500 shares of the software maker's stock valued at $17,276,000 after buying an additional 2,500 shares during the period. Envestnet Asset Management Inc. lifted its stake in Cadence Design Systems by 49.4% in the 4th quarter. Envestnet Asset Management Inc. now owns 1,012,507 shares of the software maker's stock worth $304,218,000 after acquiring an additional 334,694 shares in the last quarter. Finally, Aviva PLC grew its stake in Cadence Design Systems by 16.6% during the 4th quarter. Aviva PLC now owns 560,227 shares of the software maker's stock valued at $168,326,000 after acquiring an additional 79,585 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total transaction of $164,274.50. Following the completion of the transaction, the vice president now directly owns 58,123 shares in the company, valued at $14,689,425.79. This represents a 1.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last three months, insiders sold 1,950 shares of company stock valued at $518,499. 0.37% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

CDNS has been the subject of several research reports. StockNews.com cut shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They set a "buy" rating and a $350.00 price target on the stock. Bank of America cut their price objective on Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating for the company in a report on Wednesday, February 19th. Robert W. Baird lowered their target price on Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating on the stock in a research note on Thursday, February 20th. Finally, Mizuho dropped their target price on Cadence Design Systems from $350.00 to $300.00 and set an "outperform" rating on the stock in a research report on Tuesday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Cadence Design Systems has a consensus rating of "Moderate Buy" and a consensus target price of $320.67.

Cadence Design Systems Stock Performance

NASDAQ:CDNS traded up $0.96 during midday trading on Friday, reaching $260.22. The stock had a trading volume of 1,914,622 shares, compared to its average volume of 1,953,984. The stock has a market capitalization of $71.38 billion, a P/E ratio of 67.41, a PEG ratio of 3.88 and a beta of 1.14. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $328.99. The firm's fifty day simple moving average is $258.10 and its 200-day simple moving average is $282.05.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts' consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. On average, equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal 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.