Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by Horizon Investments LLC

Horizon Investments LLC raised its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 72.5% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,876 shares of the software maker's stock after buying an additional 4,993 shares during the period. Horizon Investments LLC's holdings in Cadence Design Systems were worth $3,568,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Avior Wealth Management LLC raised its holdings in shares of Cadence Design Systems by 12.4% in the 4th quarter. Avior Wealth Management LLC now owns 326 shares of the software maker's stock valued at $98,000 after purchasing an additional 36 shares in the last quarter. Lindbrook Capital LLC raised its stake in Cadence Design Systems by 1.7% in the fourth quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker's stock valued at $670,000 after buying an additional 38 shares in the last quarter. Fifth Third Wealth Advisors LLC lifted its holdings in Cadence Design Systems by 0.7% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker's stock worth $1,501,000 after buying an additional 40 shares during the last quarter. Empower Advisory Group LLC increased its holdings in shares of Cadence Design Systems by 4.9% in the 4th quarter. Empower Advisory Group LLC now owns 875 shares of the software maker's stock valued at $263,000 after acquiring an additional 41 shares during the last quarter. Finally, Marcum Wealth LLC raised its position in shares of Cadence Design Systems by 4.1% during the 4th quarter. Marcum Wealth LLC now owns 1,123 shares of the software maker's stock worth $337,000 after acquiring an additional 44 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Remove Ads

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS traded up $3.92 during mid-day trading on Friday, hitting $262.42. 5,699,757 shares of the company were exchanged, compared to its average volume of 1,808,735. The stock has a 50 day simple moving average of $278.01 and a 200-day simple moving average of $283.98. Cadence Design Systems, Inc. has a 1-year low of $230.09 and a 1-year high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The firm has a market cap of $71.93 billion, a price-to-earnings ratio of 67.98, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate 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 firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. On average, sell-side analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total transaction 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 represents a 1.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Anirudh Devgan sold 93,151 shares of the business's stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at $17,320,940. This trade represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 101,021 shares of company stock worth $31,229,155 over the last three months. 1.99% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts recently issued reports on CDNS shares. Mizuho upped their price target on Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a report on Friday, December 13th. Oppenheimer cut their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a research note on Wednesday. Loop Capital decreased their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a research note on Wednesday, February 19th. Bank of America cut their target price on Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating on the stock in a research report on Wednesday, February 19th. Finally, Robert W. Baird decreased their target price on Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating for the company in a research report on Thursday, February 20th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems has a consensus rating of "Moderate Buy" and a consensus target price of $324.83.

Cadence Design Systems 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.