Manning & Napier Advisors LLC Acquires New Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Manning & Napier Advisors LLC purchased a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 494,555 shares of the software maker's stock, valued at approximately $148,594,000. Cadence Design Systems makes up about 1.7% of Manning & Napier Advisors LLC's holdings, making the stock its 17th largest position. Manning & Napier Advisors LLC owned about 0.18% of Cadence Design Systems as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Van ECK Associates Corp increased its stake in Cadence Design Systems by 26.1% in the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker's stock valued at $689,472,000 after purchasing an additional 572,251 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Cadence Design Systems by 33.0% during the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker's stock valued at $547,886,000 after buying an additional 501,833 shares during the last quarter. Meridiem Investment Management Ltd. bought a new stake in shares of Cadence Design Systems during the third quarter worth about $129,285,000. Sumitomo Mitsui Trust Group Inc. boosted its stake 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 valued at $258,136,000 after purchasing an additional 310,250 shares during the last quarter. Finally, Impax Asset Management Group plc increased its holdings in Cadence Design Systems by 20.9% during the 3rd quarter. Impax Asset Management Group plc now owns 1,374,531 shares of the software maker's stock worth $371,719,000 after purchasing an additional 237,495 shares in the last quarter. Institutional investors own 84.85% of the company's stock.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $306.19, for a total value of $199,023.50. Following the completion of the sale, the vice president now owns 60,461 shares in the company, valued at approximately $18,512,553.59. This trade represents a 1.06 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Anirudh Devgan sold 5,920 shares of the business's stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total value of $1,799,916.80. Following the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at $16,987,930.96. This trade represents a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 108,416 shares of company stock worth $33,528,267. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Trading Up 2.7 %

Shares of CDNS stock traded up $7.88 on Thursday, hitting $297.76. 1,341,105 shares of the company's stock traded hands, compared to its average volume of 1,618,043. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The stock has a market capitalization of $81.66 billion, a price-to-earnings ratio of 78.15, a P/E/G ratio of 3.70 and a beta of 1.04. The company's fifty day simple moving average is $305.76 and its 200 day simple moving average is $284.65. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released 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. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The company's quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.01 earnings per share. Equities analysts forecast that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Analyst Ratings Changes

A number of research firms recently commented on CDNS. Mizuho increased their price target on Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a research report on Friday, December 13th. Needham & Company LLC reduced their target price 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. Robert W. Baird lifted their price target on Cadence Design Systems from $332.00 to $340.00 and gave the stock an "outperform" rating in a report on Tuesday, October 29th. StockNews.com upgraded Cadence Design Systems from a "hold" rating to a "buy" rating in a research note on Wednesday. Finally, Rosenblatt Securities reiterated a "neutral" rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, Cadence Design Systems currently has an average rating of "Moderate Buy" and an average price target of $329.50.

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.