Kovitz Investment Group Partners LLC Buys 3,438 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Kovitz Investment Group Partners LLC lifted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 99.5% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 6,894 shares of the software maker's stock after acquiring an additional 3,438 shares during the quarter. Kovitz Investment Group Partners LLC's holdings in Cadence Design Systems were worth $1,868,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Dynamic Advisor Solutions LLC grew its position in Cadence Design Systems by 9.9% during the 2nd quarter. Dynamic Advisor Solutions LLC now owns 2,623 shares of the software maker's stock worth $807,000 after acquiring an additional 237 shares during the last quarter. Sequoia Financial Advisors LLC increased its stake in shares of Cadence Design Systems by 4.1% in the second quarter. Sequoia Financial Advisors LLC now owns 3,634 shares of the software maker's stock worth $1,119,000 after buying an additional 143 shares during the period. ORG Partners LLC increased its stake in shares of Cadence Design Systems by 911.1% in the second quarter. ORG Partners LLC now owns 91 shares of the software maker's stock worth $28,000 after buying an additional 82 shares during the period. Envestnet Portfolio Solutions Inc. boosted its position in Cadence Design Systems by 0.3% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 29,243 shares of the software maker's stock valued at $9,000,000 after buying an additional 89 shares during the period. Finally, KRS Capital Management LLC grew its holdings in Cadence Design Systems by 12.0% in the 2nd quarter. KRS Capital Management LLC now owns 2,326 shares of the software maker's stock worth $716,000 after acquiring an additional 250 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Insider Buying and Selling

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total value of $413,970.00. Following the completion of the transaction, the director now directly owns 43,551 shares of the company's stock, valued at approximately $12,019,204.98. The trade was a 3.33 % decrease in their ownership of the stock. 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 Tuesday, October 1st. The shares were sold at an average price of $273.44, for a total transaction of $177,736.00. Following the sale, the vice president now owns 61,761 shares in the company, valued at approximately $16,887,927.84. The trade was a 1.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,634 shares of company stock worth $1,584,080 in the last 90 days. Insiders own 0.62% of the company's stock.

Cadence Design Systems Stock Up 2.0 %

Shares of CDNS stock traded up $5.92 during mid-day trading on Wednesday, reaching $308.78. 2,216,800 shares of the company's stock traded hands, compared to its average volume of 1,763,384. The company's 50-day moving average price is $287.32 and its 200-day moving average price is $285.28. The company has a market cap of $84.69 billion, a P/E ratio of 81.24, a P/E/G ratio of 4.17 and a beta of 1.03. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 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 quarter in the previous year, the firm posted $1.01 earnings per share. Cadence Design Systems's quarterly revenue was up 18.8% on a year-over-year basis. On average, equities analysts expect that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CDNS has been the subject of several recent analyst reports. 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 objective for the company. Loop Capital began coverage on Cadence Design Systems in a research report on Monday, November 11th. They set a "buy" rating and a $360.00 price target for the company. Rosenblatt Securities reiterated a "neutral" rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Wells Fargo & Company started coverage on Cadence Design Systems in a research note on Friday, November 22nd. They set an "overweight" rating and a $350.00 target price on the stock. Finally, Mizuho started coverage on Cadence Design Systems in a research note on Tuesday, October 22nd. They issued an "outperform" rating and a $325.00 price target for the company. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $326.00.

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.