Sequoia Financial Advisors LLC Purchases 1,438 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sequoia Financial Advisors LLC grew its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 40.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund 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 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in CDNS. Golden State Wealth Management LLC bought a new position in Cadence Design Systems during the fourth quarter valued at about $28,000. MidAtlantic Capital Management Inc. bought a new position in Cadence Design Systems during the third quarter valued at about $28,000. Versant Capital Management Inc grew its position in Cadence Design Systems by 164.2% during the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock valued at $42,000 after buying an additional 87 shares during the period. OFI Invest Asset Management bought a new position in Cadence Design Systems during the fourth quarter valued at about $46,000. Finally, Prestige Wealth Management Group LLC boosted its position 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 purchasing an additional 60 shares during the period. Hedge funds and other institutional investors own 84.85% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Loop Capital cut 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 research report on Wednesday, February 19th. Redburn Atlantic assumed 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 for the company. StockNews.com lowered shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Robert W. Baird cut 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 report on Thursday, February 20th. Finally, Needham & Company LLC restated a "buy" rating and issued a $325.00 price objective on shares of Cadence Design Systems in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $326.92.

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Insider Activity at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 93,151 shares of the 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 approximately $17,320,940. This trade represents a 62.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 transaction of $1,305,342.72. Following 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. In the last 90 days, insiders have sold 105,245 shares of company stock valued at $32,534,498. Insiders own 0.62% of the company's stock.

Cadence Design Systems Price Performance

CDNS traded up $5.87 during midday trading on Friday, hitting $247.43. The stock had a trading volume of 2,271,059 shares, compared to its average volume of 1,785,101. Cadence Design Systems, Inc. has a 1 year low of $230.09 and a 1 year high of $328.99. 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 business has a fifty day moving average of $282.52 and a 200 day moving average of $284.22. The company has a market cap of $67.82 billion, a P/E ratio of 64.10, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced 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 net margin of 22.74% and a return on equity of 29.24%. The business had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. As a group, equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

About Cadence Design Systems

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.