Everence Capital Management Inc. Raises Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Everence Capital Management Inc. raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 10.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,964 shares of the software maker’s stock after acquiring an additional 1,220 shares during the quarter. Everence Capital Management Inc.’s holdings in Cadence Design Systems were worth $3,531,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the company. OFI Invest Asset Management purchased a new stake in shares of Cadence Design Systems during the 3rd quarter worth approximately $26,000. Valley National Advisers Inc. increased its stake in Cadence Design Systems by 90.4% in the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after buying an additional 47 shares during the period. Fortitude Family Office LLC acquired a new position in Cadence Design Systems in the 4th quarter valued at $28,000. Atlas Capital Advisors LLC increased its stake in Cadence Design Systems by 322.6% in the 2nd quarter. Atlas Capital Advisors LLC now owns 131 shares of the software maker’s stock valued at $31,000 after buying an additional 100 shares during the period. Finally, Zions Bancorporation N.A. increased its stake in Cadence Design Systems by 108.3% in the 1st quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock valued at $37,000 after buying an additional 117 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director James D. Plummer sold 2,412 shares of the company’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $315.40, for a total value of $760,744.80. Following the transaction, the director now directly owns 22,923 shares in the company, valued at approximately $7,229,914.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Cadence Design Systems news, Director James D. Plummer sold 2,412 shares of the company’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $315.40, for a total value of $760,744.80. Following the transaction, the director now directly owns 22,923 shares in the company, valued at approximately $7,229,914.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $310,460.00. Following the transaction, the vice president now directly owns 68,144 shares of the company’s stock, valued at approximately $21,155,986.24. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 212,044 shares of company stock worth $63,106,522. Corporate insiders own 0.62% of the company’s stock.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock traded down $0.75 on Tuesday, hitting $300.81. The company’s stock had a trading volume of 1,631,940 shares, compared to its average volume of 1,480,328. Cadence Design Systems, Inc. has a 52-week low of $194.01 and a 52-week high of $327.36. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09. The firm has a fifty day moving average price of $306.57 and a 200-day moving average price of $278.78. The company has a market capitalization of $81.89 billion, a P/E ratio of 78.94, a price-to-earnings-growth ratio of 3.72 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, February 12th. The software maker reported $1.38 EPS for the quarter, topping the consensus estimate of $1.33 by $0.05. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The business had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same period in the previous year, the firm earned $0.75 EPS. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. On average, equities research analysts expect that Cadence Design Systems, Inc. will post 4.82 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CDNS has been the topic of several recent research reports. Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $260.00 to $350.00 in a research note on Wednesday, February 14th. Rosenblatt Securities cut shares of Cadence Design Systems from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $265.00 to $280.00 in a research note on Tuesday, February 13th. Wells Fargo & Company boosted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday. Needham & Company LLC restated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research report on Wednesday, March 6th. Finally, KeyCorp boosted their target price on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Monday. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $316.10.

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.