Harbor Capital Advisors Inc. Lowers Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Harbor Capital Advisors Inc. trimmed its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 28.0% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,194 shares of the software maker's stock after selling 3,970 shares during the quarter. Harbor Capital Advisors Inc.'s holdings in Cadence Design Systems were worth $3,063,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of CDNS. Missouri Trust & Investment Co bought a new stake in shares of Cadence Design Systems during the 3rd quarter worth approximately $27,000. MidAtlantic Capital Management Inc. bought a new stake in shares of Cadence Design Systems during the third quarter worth $28,000. Versant Capital Management Inc boosted its stake in shares of Cadence Design Systems by 164.2% during the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock valued at $42,000 after purchasing an additional 87 shares during the period. Prestige Wealth Management Group LLC grew its holdings in shares of 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 worth $45,000 after purchasing an additional 60 shares during the last quarter. Finally, Meeder Asset Management Inc. increased its stake in Cadence Design Systems by 30.3% in the 3rd quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker's stock worth $55,000 after buying an additional 47 shares during the period. Institutional investors own 84.85% of the company's stock.

Insider Activity

In related news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $276.00, for a total value of $179,400.00. Following the sale, the vice president now owns 61,111 shares in the company, valued at $16,866,636. This represents a 1.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Anirudh Devgan sold 5,920 shares of the 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 owns 55,874 shares in the company, valued at approximately $16,987,930.96. This trade represents a 9.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 109,916 shares of company stock worth $33,953,757 over the last 90 days. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Stock Down 1.2 %

Shares of Cadence Design Systems stock traded down $3.73 on Friday, reaching $299.00. The stock had a trading volume of 1,330,446 shares, compared to its average volume of 1,273,887. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $82.00 billion, a P/E ratio of 78.48, a P/E/G ratio of 4.16 and a beta of 1.04. The company has a 50 day moving average price of $304.20 and a 200 day moving average price of $285.41. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analyst estimates of $1.18 billion. During the same period in the previous year, the company earned $1.01 earnings per share. The business's revenue for the quarter was up 18.8% on a year-over-year basis. As a group, equities research analysts forecast that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on CDNS shares. Rosenblatt Securities reissued a "neutral" rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Loop Capital assumed coverage on Cadence Design Systems in a report on Monday, November 11th. They issued a "buy" rating and a $360.00 price target for the company. Robert W. Baird raised their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the stock an "outperform" rating in a 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 for the company. Finally, Needham & Company LLC dropped their price target on Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating on the stock in a research report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $327.92.

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.