Sovereign Investment Advisors LLC Makes New Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sovereign Investment Advisors LLC bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 1,974 shares of the software maker's stock, valued at approximately $593,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CDNS. Swedbank AB grew its holdings in Cadence Design Systems by 15.1% during the 3rd quarter. Swedbank AB now owns 1,753,814 shares of the software maker's stock worth $475,336,000 after acquiring an additional 230,672 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Cadence Design Systems by 33.0% during the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker's stock worth $547,886,000 after acquiring an additional 501,833 shares in the last quarter. Entropy Technologies LP bought a new position in Cadence Design Systems during the 3rd quarter worth about $379,000. Huntington National Bank lifted its position in shares of Cadence Design Systems by 6.8% during the third quarter. Huntington National Bank now owns 1,853 shares of the software maker's stock valued at $502,000 after buying an additional 118 shares during the last quarter. Finally, Curi RMB Capital LLC purchased a new stake in shares of Cadence Design Systems during the third quarter valued at about $226,000. 84.85% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on CDNS. Mizuho increased their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a research report on Friday, December 13th. Wells Fargo & Company began coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They set an "overweight" rating and a $350.00 price target for the company. Needham & Company LLC reissued a "buy" rating and set a $325.00 price target on shares of Cadence Design Systems in a research report on Wednesday, February 19th. StockNews.com lowered shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Finally, Bank of America decreased their price target on shares of Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating for the company in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $326.92.

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Insiders Place Their Bets

In other news, CEO Anirudh Devgan sold 93,151 shares of the firm's stock in a transaction that occurred 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 sale, the chief executive officer now owns 55,874 shares of the company's stock, valued at $17,320,940. This trade represents a 62.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total transaction of $164,274.50. Following the sale, the vice president now directly owns 58,123 shares in the company, valued at $14,689,425.79. The trade was a 1.11 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 105,245 shares of company stock valued at $32,534,498. 0.62% of the stock is owned by insiders.

Cadence Design Systems Stock Performance

CDNS opened at $247.43 on Friday. Cadence Design Systems, Inc. has a 12-month low of $230.09 and a 12-month 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. The firm has a market capitalization of $67.82 billion, a PE ratio of 64.10, a P/E/G ratio of 3.88 and a beta of 1.05. The firm has a 50 day moving average of $282.52 and a two-hundred day moving average of $284.22.

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 (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 business had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. On average, analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current 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.

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