Chicago Capital LLC Takes Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Chicago Capital LLC acquired a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 19,323 shares of the software maker’s stock, valued at approximately $5,263,000.

Other institutional investors have also added to or reduced their stakes in the company. PFW Advisors LLC purchased a new stake in shares of Cadence Design Systems during the fourth quarter valued at $204,000. Deltec Asset Management LLC grew its stake in shares of Cadence Design Systems by 100.0% in the fourth quarter. Deltec Asset Management LLC now owns 4,000 shares of the software maker’s stock worth $1,089,000 after acquiring an additional 2,000 shares during the period. Miracle Mile Advisors LLC purchased a new position in shares of Cadence Design Systems during the fourth quarter valued at approximately $934,000. Kowal Investment Group LLC boosted its holdings in Cadence Design Systems by 16.7% in the fourth quarter. Kowal Investment Group LLC now owns 1,118 shares of the software maker’s stock worth $305,000 after purchasing an additional 160 shares during the last quarter. Finally, BLB&B Advisors LLC grew its position in Cadence Design Systems by 7.3% in the 4th quarter. BLB&B Advisors LLC now owns 42,431 shares of the software maker’s stock worth $11,557,000 after purchasing an additional 2,888 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Anirudh Devgan sold 48,533 shares of Cadence Design Systems stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $302.50, for a total transaction of $14,681,232.50. Following the sale, the chief executive officer now owns 67,812 shares in the company, valued at $20,513,130. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Cadence Design Systems news, CFO John M. Wall sold 36,000 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, January 18th. The stock was sold at an average price of $277.46, for a total value of $9,988,560.00. Following the sale, the chief financial officer now owns 80,594 shares of the company’s stock, valued at approximately $22,361,611.24. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Anirudh Devgan sold 48,533 shares of the firm’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $302.50, for a total transaction of $14,681,232.50. Following the completion of the transaction, the chief executive officer now directly owns 67,812 shares of the company’s stock, valued at $20,513,130. The disclosure for this sale can be found here. Insiders sold 200,244 shares of company stock worth $58,930,611 in the last three months. 0.62% of the stock is owned by company insiders.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS opened at $312.13 on Tuesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13. Cadence Design Systems, Inc. has a 1 year low of $194.01 and a 1 year high of $327.36. The firm has a fifty day moving average price of $303.39 and a 200-day moving average price of $273.01. The stock has a market cap of $85.09 billion, a PE ratio of 81.71, a price-to-earnings-growth ratio of 3.79 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) last posted its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.05. The business had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.06 billion. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The business’s quarterly revenue was up 18.8% on a year-over-year basis. During the same period last year, the firm earned $0.75 earnings per share. Equities analysts anticipate that Cadence Design Systems, Inc. will post 4.81 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently issued reports on CDNS. StockNews.com upgraded Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Tuesday, March 12th. Needham & Company LLC restated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research note on Wednesday, March 6th. Wells Fargo & Company increased their price objective on shares of Cadence Design Systems from $310.00 to $330.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 6th. Robert W. Baird upped their target price on shares of Cadence Design Systems from $289.00 to $302.00 and gave the company an “outperform” rating in a report on Tuesday, February 13th. Finally, Stifel Nicolaus boosted their price objective on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research report on Tuesday, February 13th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $311.33.

Read Our Latest Research Report on CDNS

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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