Sava Infond d.o.o. Buys New Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sava Infond d.o.o. purchased a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,350 shares of the software maker's stock, valued at approximately $406,000.

Several other institutional investors have also recently made changes to their positions in CDNS. Golden State Wealth Management LLC purchased a new position in Cadence Design Systems during the 4th quarter valued at about $28,000. Avalon Trust Co purchased a new position in Cadence Design Systems during the fourth quarter valued at approximately $39,000. Versant Capital Management Inc raised its stake in Cadence Design Systems by 164.2% in the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock worth $42,000 after buying an additional 87 shares in the last quarter. Prestige Wealth Management Group LLC lifted its holdings in Cadence Design Systems by 56.6% during the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker's stock worth $45,000 after buying an additional 60 shares during the period. Finally, OFI Invest Asset Management bought a new stake in Cadence Design Systems during the 4th quarter valued at $46,000. Hedge funds and other institutional investors own 84.85% of the company's stock.

Cadence Design Systems Stock Performance

Shares of CDNS traded up $3.14 during trading hours on Tuesday, reaching $257.47. 332,842 shares of the company traded hands, compared to its average volume of 1,875,188. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The business has a fifty day moving average price of $273.52 and a 200-day moving average price of $284.41. Cadence Design Systems, Inc. has a 12-month low of $230.09 and a 12-month high of $328.99. The stock has a market capitalization of $70.63 billion, a P/E ratio of 66.59, a P/E/G ratio of 3.88 and a beta of 1.05.

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

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on CDNS shares. Loop Capital reduced their price target on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a research report on Wednesday, February 19th. Mizuho boosted their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an "outperform" rating in a report on Friday, December 13th. StockNews.com cut shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. Robert W. Baird reduced their price objective 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. Finally, Rosenblatt Securities raised their target price on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Cadence Design Systems presently has an average rating of "Moderate Buy" and an average price target of $324.83.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the sale, the vice president now owns 58,123 shares in the company, valued at $14,689,425.79. This represents a 1.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Anirudh Devgan sold 93,151 shares of the business's stock in a transaction on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the transaction, the chief executive officer now owns 55,874 shares of the company's stock, valued at $17,320,940. This represents a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 101,021 shares of company stock valued at $31,229,155. 1.99% of the stock is owned by insiders.

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.