Moss Adams Wealth Advisors LLC Takes $254,000 Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Moss Adams Wealth Advisors LLC purchased a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 844 shares of the software maker's stock, valued at approximately $254,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. Sumitomo Mitsui Trust Group Inc. grew its position in shares of Cadence Design Systems by 48.3% in 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 buying an additional 310,250 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec acquired a new stake in shares of Cadence Design Systems during the third quarter worth about $24,026,000. Teamwork Financial Advisors LLC increased its position in shares of Cadence Design Systems by 19.4% during the third quarter. Teamwork Financial Advisors LLC now owns 13,131 shares of the software maker's stock worth $3,559,000 after purchasing an additional 2,136 shares in the last quarter. Jennison Associates LLC boosted its position in shares of Cadence Design Systems by 2.7% in the 3rd quarter. Jennison Associates LLC now owns 7,606,175 shares of the software maker's stock valued at $2,061,502,000 after purchasing an additional 198,230 shares during the period. Finally, Vontobel Holding Ltd. grew its stake in Cadence Design Systems by 5.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 228,597 shares of the software maker's stock worth $61,957,000 after buying an additional 11,568 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Price Performance

CDNS stock traded up $6.70 during trading on Friday, reaching $305.60. 1,567,258 shares of the company were exchanged, compared to its average volume of 1,176,470. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. 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 company has a market cap of $83.81 billion, a P/E ratio of 80.21, a PEG ratio of 3.44 and a beta of 1.04. The stock's 50 day moving average price is $304.43 and its 200 day moving average price is $284.94.

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

Analyst Ratings Changes

CDNS has been the topic of a number of research reports. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They set a "buy" rating and a $350.00 target price on the stock. Loop Capital began coverage on shares of Cadence Design Systems in a report on Monday, November 11th. They issued a "buy" rating and a $360.00 target price for the company. Robert W. Baird raised 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. Berenberg Bank began coverage on 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. Finally, Mizuho boosted their target price on Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a report on Friday, December 13th. One analyst has rated the stock with a sell rating, two have given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems currently has an average rating of "Moderate Buy" and an average target price of $329.50.

Insiders Place Their Bets

In other Cadence Design Systems news, CFO John M. Wall sold 4,224 shares of the firm's stock in a transaction dated Wednesday, December 18th. The shares were 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 directly owns 29,248 shares of the company's stock, valued at $9,038,509.44. This trade represents a 12.62 % 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 Cadence Design Systems stock in a transaction dated 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 sale, the chief executive officer now owns 55,874 shares of the company's stock, valued at approximately $17,320,940. This trade represents a 62.51 % 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 valued at $33,528,267. Corporate insiders own 1.99% of the company's stock.

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.