Sequoia Financial Advisors LLC Grows Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sequoia Financial Advisors LLC boosted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 40.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,976 shares of the software maker's stock after purchasing an additional 1,438 shares during the period. Sequoia Financial Advisors LLC's holdings in Cadence Design Systems were worth $1,495,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Golden State Wealth Management LLC acquired a new stake in Cadence Design Systems during the 4th quarter worth approximately $28,000. MidAtlantic Capital Management Inc. bought a new stake in Cadence Design Systems in the third quarter valued at about $28,000. Versant Capital Management Inc boosted its holdings 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 purchasing an additional 87 shares during the period. OFI Invest Asset Management bought a new stake in shares of Cadence Design Systems during the 4th quarter valued at about $46,000. Finally, Prestige Wealth Management Group LLC raised its position in shares of Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker's stock worth $45,000 after purchasing an additional 60 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total value of $198,146.00. Following the sale, the vice president now owns 59,311 shares in the company, valued at approximately $18,080,365.24. This trade represents a 1.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO John M. Wall sold 4,224 shares of the stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $309.03, for a total value of $1,305,342.72. Following the completion of the transaction, the chief financial officer now directly owns 29,248 shares in the company, valued at approximately $9,038,509.44. This represents a 12.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 105,245 shares of company stock valued at $32,534,498 over the last ninety days. 1.99% of the stock is currently owned by insiders.

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Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on CDNS shares. Piper Sandler lifted their price target on Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a report on Wednesday, February 19th. StockNews.com cut Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. Loop Capital dropped their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a research report on Wednesday, February 19th. Redburn Atlantic initiated coverage on Cadence Design Systems in a report on Monday, January 13th. They issued a "buy" rating and a $350.00 target price on the stock. Finally, Robert W. Baird cut their price objective on Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating for the company in a report on Thursday, February 20th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $326.92.

Cadence Design Systems Price Performance

Cadence Design Systems stock traded up $9.25 during midday trading on Monday, reaching $256.68. The company's stock had a trading volume of 1,482,147 shares, compared to its average volume of 2,071,193. The business has a 50-day moving average price of $282.52 and a 200-day moving average price of $284.37. The stock has a market cap of $70.36 billion, a PE ratio of 66.50, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 52 week low of $230.09 and a 52 week high of $328.99. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings data 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). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. On average, sell-side analysts predict 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.