Liberty One Investment Management LLC Purchases New Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Liberty One Investment Management LLC purchased a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,395 shares of the software maker's stock, valued at approximately $720,000.

Several other large investors have also recently bought and sold shares of the stock. Missouri Trust & Investment Co bought a new stake in shares of Cadence Design Systems in the 3rd quarter worth $27,000. MidAtlantic Capital Management Inc. purchased a new position in Cadence Design Systems during the 3rd quarter worth approximately $28,000. Versant Capital Management Inc raised its position in 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 buying an additional 87 shares during the period. Prestige Wealth Management Group LLC increased its holdings in shares of Cadence Design Systems by 56.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker's stock valued at $45,000 after purchasing an additional 60 shares during the period. Finally, Meeder Asset Management Inc. lifted its position 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 in the last quarter. Institutional investors and hedge funds own 84.85% of the company's stock.

Cadence Design Systems Trading Up 2.2 %

Shares of CDNS traded up $6.70 during trading hours on Monday, hitting $305.60. 1,567,258 shares of the stock traded hands, compared to its average volume of 1,176,470. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99. The business has a fifty day moving average of $304.43 and a 200-day moving average of $284.94. 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 firm has a market capitalization of $83.81 billion, a PE ratio of 80.21, a price-to-earnings-growth ratio of 3.44 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted 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. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm's revenue was up 18.8% on a year-over-year basis. During the same period last year, the company earned $1.01 EPS. Analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John M. Wall sold 4,224 shares of the firm's stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total transaction of $1,305,342.72. Following the sale, the chief financial officer now owns 29,248 shares in the company, valued at approximately $9,038,509.44. The trade was a 12.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 108,416 shares of company stock worth $33,528,267. Company insiders own 0.62% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CDNS. 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. Oppenheimer started coverage on shares of Cadence Design Systems in a report on Wednesday, September 25th. They issued an "underperform" rating and a $225.00 price target for the company. Wells Fargo & Company began coverage on Cadence Design Systems in a report on Friday, November 22nd. They set an "overweight" rating and a $350.00 price objective on the stock. Mizuho upped their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a research note on Friday, December 13th. Finally, Robert W. Baird upped their price target on Cadence Design Systems from $332.00 to $340.00 and gave the company an "outperform" rating in a research report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems has a consensus rating of "Moderate Buy" and a consensus price target of $329.50.

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.