Park Avenue Securities LLC Grows Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Park Avenue Securities LLC boosted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 17.7% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 22,427 shares of the software maker's stock after purchasing an additional 3,366 shares during the quarter. Park Avenue Securities LLC's holdings in Cadence Design Systems were worth $6,738,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Van ECK Associates Corp grew its position in shares of Cadence Design Systems by 26.1% in the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker's stock worth $689,472,000 after buying an additional 572,251 shares during the last quarter. Principal Financial Group Inc. grew its holdings in Cadence Design Systems by 33.0% in the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker's stock worth $547,886,000 after purchasing an additional 501,833 shares during the last quarter. Meridiem Investment Management Ltd. acquired a new position in shares of Cadence Design Systems during the third quarter worth $129,285,000. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of 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, Marshall Wace LLP boosted its position in shares of Cadence Design Systems by 153.4% in the 2nd quarter. Marshall Wace LLP now owns 471,010 shares of the software maker's stock worth $144,953,000 after purchasing an additional 285,130 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the sale, the chief executive officer now directly owns 55,874 shares of the company's stock, valued at $16,987,930.96. This represents a 9.58 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Paul Cunningham sold 650 shares of the company's stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total value of $198,146.00. Following the completion of the transaction, the vice president now directly owns 59,311 shares of the company's stock, valued at $18,080,365.24. The trade was a 1.08 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 108,416 shares of company stock valued at $33,528,267. Corporate insiders own 0.62% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on CDNS shares. Loop Capital assumed coverage on Cadence Design Systems in a research report on Monday, November 11th. They set a "buy" rating and a $360.00 target price on the stock. Berenberg Bank assumed coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They set a "buy" rating and a $320.00 price objective on the stock. Wells Fargo & Company initiated coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They issued an "overweight" rating and a $350.00 target price for the company. Needham & Company LLC cut their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating on the stock in a research note on Tuesday, October 29th. Finally, Rosenblatt Securities reiterated a "neutral" rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. One 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. Based on data from MarketBeat, Cadence Design Systems has a consensus rating of "Moderate Buy" and an average price target of $329.50.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS traded down $1.82 during trading on Thursday, reaching $298.90. 1,430,485 shares of the company traded hands, compared to its average volume of 1,394,958. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99. 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 stock has a market cap of $81.98 billion, a P/E ratio of 78.45, a PEG ratio of 3.44 and a beta of 1.04. The firm's fifty day simple moving average is $304.40 and its 200 day simple moving average is $285.31.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.44 by $0.20. The company had revenue of $1.22 billion during 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%. Cadence Design Systems's revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.01 earnings per share. As a group, research analysts anticipate that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

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.