World Investment Advisors Buys 7,503 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

World Investment Advisors increased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 100.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,960 shares of the software maker's stock after buying an additional 7,503 shares during the quarter. World Investment Advisors' holdings in Cadence Design Systems were worth $4,495,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the business. Golden State Wealth Management LLC acquired a new position in shares of Cadence Design Systems in the fourth quarter worth $28,000. Avalon Trust Co acquired a new position in Cadence Design Systems in the 4th quarter worth about $39,000. Versant Capital Management Inc lifted its holdings in shares of Cadence Design Systems by 164.2% during the 4th 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 last quarter. Prestige Wealth Management Group LLC grew its stake in shares of 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 in the last quarter. Finally, OFI Invest Asset Management acquired a new position in Cadence Design Systems in the fourth quarter worth approximately $46,000. 84.85% of the stock is 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 company's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the transaction, the vice president now directly owns 58,123 shares in the company, valued at approximately $14,689,425.79. This represents a 1.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last quarter, insiders have sold 1,950 shares of company stock valued at $518,499. 1.99% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts have commented on CDNS shares. Robert W. Baird decreased their target price 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. Needham & Company LLC reiterated a "buy" rating and issued a $325.00 price objective on shares of Cadence Design Systems in a report on Wednesday, February 19th. Rosenblatt Securities raised their target price on Cadence Design Systems from $280.00 to $295.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. Bank of America decreased 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, Piper Sandler raised their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat, Cadence Design Systems has a consensus rating of "Moderate Buy" and a consensus target price of $324.83.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock traded up $33.01 during midday trading on Wednesday, hitting $264.65. The company had a trading volume of 4,253,261 shares, compared to its average volume of 1,937,594. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $328.99. The business's 50 day simple moving average is $263.12 and its two-hundred day simple moving average is $282.67. The stock has a market cap of $72.60 billion, a PE ratio of 68.56, a P/E/G ratio of 3.88 and a beta of 1.14. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27.

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 the consensus estimate of $1.82 by ($0.33). The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. As a group, equities analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal 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.