Kestra Private Wealth Services LLC Raises Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Kestra Private Wealth Services LLC increased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 9.3% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 16,132 shares of the software maker's stock after purchasing an additional 1,375 shares during the period. Kestra Private Wealth Services LLC's holdings in Cadence Design Systems were worth $4,847,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC grew its position in shares of Cadence Design Systems by 132.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker's stock worth $41,850,000 after acquiring an additional 79,268 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in 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 worth $258,136,000 after acquiring an additional 310,250 shares during the period. Avanza Fonder AB purchased a new position in shares of Cadence Design Systems in the 4th quarter valued at approximately $6,046,000. Caisse DE Depot ET Placement DU Quebec acquired a new position in shares of Cadence Design Systems in the third quarter valued at approximately $24,026,000. Finally, Zhang Financial LLC purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth approximately $381,000. Hedge funds and other institutional investors own 84.85% of the company's stock.

Analyst Upgrades and Downgrades

Several equities 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 note on Tuesday, October 29th. Berenberg Bank started coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They set a "buy" rating and a $320.00 price target on the stock. Loop Capital assumed coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They issued a "buy" rating and a $360.00 price objective for the company. Robert W. Baird boosted their target price on Cadence Design Systems from $332.00 to $340.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 29th. Finally, Needham & Company LLC reduced their price target on Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating for the company in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems has a consensus rating of "Moderate Buy" and a consensus target price of $329.50.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $305.63 on Tuesday. 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 $83.82 billion, a P/E ratio of 80.22, a price-to-earnings-growth ratio of 3.50 and a beta of 1.03. The firm has a 50-day moving average price of $304.59 and a two-hundred day moving average price of $285.16. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $292.32, for a total transaction of $190,008.00. Following the sale, the vice president now directly owns 58,773 shares of the company's stock, valued at $17,180,523.36. This trade represents a 1.09 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 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 directly owns 55,874 shares of the company's stock, valued at approximately $17,320,940. This represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 108,416 shares of company stock valued at $33,538,875. 1.99% of the stock is owned by corporate insiders.

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.

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