Balentine LLC Buys 918 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Balentine LLC grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report) by 25.7% in the fourth quarter, HoldingsChannel.com reports. The fund owned 4,484 shares of the software maker’s stock after acquiring an additional 918 shares during the quarter. Balentine LLC’s holdings in Cadence Design Systems were worth $1,221,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. DekaBank Deutsche Girozentrale lifted its stake in shares of Cadence Design Systems by 34.5% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 386,993 shares of the software maker’s stock valued at $91,775,000 after purchasing an additional 99,251 shares during the period. USA Financial Formulas boosted its stake in Cadence Design Systems by 380.7% in the fourth quarter. USA Financial Formulas now owns 8,922 shares of the software maker’s stock valued at $2,430,000 after acquiring an additional 7,066 shares during the last quarter. Miracle Mile Advisors LLC bought a new stake in shares of Cadence Design Systems in the fourth quarter valued at $934,000. Pacer Advisors Inc. grew its stake in shares of Cadence Design Systems by 9.4% during the 4th quarter. Pacer Advisors Inc. now owns 40,409 shares of the software maker’s stock worth $11,006,000 after acquiring an additional 3,484 shares during the period. Finally, Patton Fund Management Inc. purchased a new stake in Cadence Design Systems in the 4th quarter worth about $5,264,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 48,533 shares of Cadence Design Systems stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $302.50, for a total transaction of $14,681,232.50. Following the transaction, the chief executive officer now directly owns 67,812 shares of the company’s stock, valued at approximately $20,513,130. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Anirudh Devgan sold 48,533 shares of the stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $302.50, for a total value of $14,681,232.50. Following the completion of the transaction, the chief executive officer now owns 67,812 shares of the company’s stock, valued at approximately $20,513,130. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Aneel Zaman sold 1,207 shares of the company’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $366,807.30. Following the transaction, the vice president now owns 61,150 shares in the company, valued at $18,583,485. The disclosure for this sale can be found here. Insiders sold 109,298 shares of company stock worth $33,247,394 in the last three months. Corporate insiders own 0.62% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on CDNS shares. Wells Fargo & Company lifted their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Stifel Nicolaus boosted their price target on Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, February 13th. Robert W. Baird lifted their target price on shares of Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research note on Thursday, April 18th. Needham & Company LLC reissued a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research note on Friday. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Monday, April 22nd. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average price target of $326.11.

Get Our Latest Research Report on CDNS

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS traded up $2.37 during midday trading on Monday, reaching $291.18. 413,435 shares of the company’s stock traded hands, compared to its average volume of 1,527,068. Cadence Design Systems, Inc. has a one year low of $203.13 and a one year high of $327.36. The stock has a 50 day moving average of $297.52 and a 200 day moving average of $286.05. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32. The company has a market cap of $79.24 billion, a price-to-earnings ratio of 75.21, a P/E/G ratio of 3.40 and a beta of 1.06.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) last released its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The company’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same period last year, the business posted $1.02 EPS. As a group, equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.77 EPS for the current fiscal year.

Cadence Design Systems Company Profile

(Free Report)

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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Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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