HighTower Advisors LLC Increases Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

HighTower Advisors LLC increased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS – Get Rating) by 0.6% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 13,407 shares of the software maker’s stock after purchasing an additional 75 shares during the period. HighTower Advisors LLC’s holdings in Cadence Design Systems were worth $2,157,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in CDNS. CVA Family Office LLC boosted its position in Cadence Design Systems by 1,160.0% during the 3rd quarter. CVA Family Office LLC now owns 315 shares of the software maker’s stock valued at $51,000 after buying an additional 290 shares during the period. Glassman Wealth Services boosted its position in Cadence Design Systems by 13.9% during the 4th quarter. Glassman Wealth Services now owns 466 shares of the software maker’s stock valued at $75,000 after buying an additional 57 shares during the period. Lido Advisors LLC boosted its position in Cadence Design Systems by 211.4% during the 3rd quarter. Lido Advisors LLC now owns 4,347 shares of the software maker’s stock valued at $710,000 after buying an additional 2,951 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in Cadence Design Systems by 167.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 23,329 shares of the software maker’s stock valued at $4,216,000 after buying an additional 14,611 shares during the period. Finally, Dakota Wealth Management boosted its position in Cadence Design Systems by 3.9% during the 4th quarter. Dakota Wealth Management now owns 4,354 shares of the software maker’s stock valued at $699,000 after buying an additional 164 shares during the period. Hedge funds and other institutional investors own 84.06% of the company’s stock.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Thomas P. Beckley sold 76,003 shares of the firm’s stock in a transaction dated Thursday, May 18th. The shares were sold at an average price of $209.33, for a total transaction of $15,909,707.99. Following the completion of the sale, the vice president now directly owns 185,761 shares in the company, valued at approximately $38,885,350.13. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, VP Aneel Zaman sold 1,801 shares of Cadence Design Systems stock in a transaction that occurred on Monday, February 27th. The shares were sold at an average price of $195.35, for a total value of $351,825.35. Following the completion of the sale, the vice president now directly owns 88,444 shares in the company, valued at $17,277,535.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Thomas P. Beckley sold 76,003 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $209.33, for a total transaction of $15,909,707.99. Following the completion of the sale, the vice president now owns 185,761 shares of the company’s stock, valued at $38,885,350.13. The disclosure for this sale can be found here. In the last ninety days, insiders sold 371,807 shares of company stock worth $76,555,705. 1.67% of the stock is owned by corporate insiders.

Analyst Ratings Changes

CDNS has been the subject of several analyst reports. KeyCorp increased their price target on shares of Cadence Design Systems from $225.00 to $235.00 in a research report on Tuesday, April 25th. Needham & Company LLC raised their target price on shares of Cadence Design Systems from $200.00 to $235.00 and gave the stock a “buy” rating in a research report on Tuesday, February 14th. Wells Fargo & Company raised their target price on shares of Cadence Design Systems from $215.00 to $235.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 11th. Bank of America raised their target price on shares of Cadence Design Systems from $225.00 to $240.00 in a research report on Tuesday, April 25th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Cadence Design Systems from $222.00 to $230.00 in a research report on Wednesday, April 26th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $220.80.

Cadence Design Systems Stock Down 2.8 %

Shares of Cadence Design Systems stock opened at $205.76 on Wednesday. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.44 and a quick ratio of 1.33. The company has a 50-day moving average of $208.34 and a 200 day moving average of $186.85. The firm has a market cap of $56.11 billion, a price-to-earnings ratio of 65.74, a PEG ratio of 2.79 and a beta of 1.07. Cadence Design Systems, Inc. has a 1 year low of $138.76 and a 1 year high of $219.09.

Cadence Design Systems (NASDAQ:CDNS – Get Rating) last released its quarterly earnings data on Monday, April 24th. The software maker reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.04. The business had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.01 billion. Cadence Design Systems had a net margin of 23.24% and a return on equity of 33.80%. Cadence Design Systems’s revenue was up 13.3% compared to the same quarter last year. During the same period last year, the business earned $0.95 EPS. As a group, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 3.98 earnings per share for the current fiscal year.

About Cadence Design Systems

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Cadence Design Systems, Inc engages in the design and development of integrated circuits and electronic devices. Its products include electronic design automation, software, emulation hardware, and intellectual property, commonly referred to as verification IP, and design IP. It operates through the following geographical segments: United States, Other Americas, China, Other Asia, Europe, Middle East and Africa and Japan.