RiverFront Investment Group LLC Buys New Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

RiverFront Investment Group LLC bought a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 1,041 shares of the software maker's stock, valued at approximately $313,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC acquired a new position in Cadence Design Systems during the fourth quarter worth $28,000. Avalon Trust Co acquired a new position in Cadence Design Systems during the 4th quarter worth about $39,000. Versant Capital Management Inc lifted its position in shares of Cadence Design Systems by 164.2% during the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock worth $42,000 after purchasing an additional 87 shares in the last quarter. Prestige Wealth Management Group LLC boosted its position in 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 buying an additional 60 shares during the period. Finally, OFI Invest Asset Management purchased a new position in Cadence Design Systems in the fourth quarter valued at $46,000. Institutional investors and hedge funds own 84.85% of the company's stock.

Insider Activity

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total value of $190,008.00. Following the transaction, the vice president now owns 58,773 shares in the company, valued at $17,180,523.36. This trade represents a 1.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Anirudh Devgan sold 93,151 shares of the business's stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the sale, the chief executive officer now directly owns 55,874 shares of the company's stock, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 94,451 shares of company stock valued at $29,231,093 over the last quarter. Company insiders own 1.99% of the company's stock.

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Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CDNS. Robert W. Baird decreased their price target on shares of Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating for the company in a research note on Thursday, February 20th. StockNews.com downgraded Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Loop Capital reduced their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a report on Wednesday, February 19th. Bank of America cut their price target on Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating for the company in a research note on Wednesday, February 19th. Finally, Redburn Atlantic started coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They issued a "buy" rating and a $350.00 price objective for the company. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and an average target price of $324.83.

Cadence Design Systems Price Performance

NASDAQ:CDNS traded down $17.77 during mid-day trading on Thursday, hitting $247.17. 669,837 shares of the company's stock traded hands, compared to its average volume of 1,881,435. Cadence Design Systems, Inc. has a 1 year low of $230.09 and a 1 year high of $328.99. The company has a market cap of $67.80 billion, a PE ratio of 64.03, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The firm's 50 day simple moving average is $271.35 and its 200 day simple moving average is $284.21.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.82 by ($0.33). The firm had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. Sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

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.