Meritage Portfolio Management Acquires 5,974 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Meritage Portfolio Management grew its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.4% in the fourth quarter, Holdings Channel reports. The fund owned 86,406 shares of the software maker’s stock after acquiring an additional 5,974 shares during the quarter. Cadence Design Systems accounts for 1.6% of Meritage Portfolio Management’s portfolio, making the stock its 8th largest holding. Meritage Portfolio Management’s holdings in Cadence Design Systems were worth $23,534,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. OFI Invest Asset Management bought a new position in shares of Cadence Design Systems during the 3rd quarter worth approximately $26,000. Valley National Advisers Inc. lifted its stake in Cadence Design Systems by 90.4% during the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after acquiring an additional 47 shares in the last quarter. Fortitude Family Office LLC purchased a new position in Cadence Design Systems during the fourth quarter worth about $28,000. Rakuten Securities Inc. purchased a new position in shares of Cadence Design Systems in the 4th quarter worth approximately $45,000. Finally, Catalyst Capital Advisors LLC grew its stake in Cadence Design Systems by 34.7% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker’s stock valued at $47,000 after purchasing an additional 52 shares during the period. 84.85% of the stock is currently owned by institutional investors.

Insider Activity at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total transaction of $449,130.00. Following the transaction, the director now owns 53,183 shares of the company’s stock, valued at approximately $15,924,053.86. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, SVP Karna Nisewaner sold 600 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 value of $186,276.00. Following the transaction, the senior vice president now directly owns 21,080 shares in the company, valued at $6,544,496.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total transaction of $449,130.00. Following the completion of the transaction, the director now owns 53,183 shares in the company, valued at $15,924,053.86. The disclosure for this sale can be found here. In the last quarter, insiders sold 173,044 shares of company stock valued at $52,231,207. Insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CDNS. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Monday. Stifel Nicolaus upped their price target on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday, February 13th. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research note on Friday, April 19th. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $260.00 to $350.00 in a research note on Wednesday, February 14th. Finally, Robert W. Baird upped their price objective 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. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average price target of $316.50.

Cadence Design Systems Price Performance

Shares of CDNS traded up $7.53 during midday trading on Friday, hitting $284.61. 1,160,465 shares of the company traded hands, compared to its average volume of 1,566,497. The stock has a market cap of $77.48 billion, a price-to-earnings ratio of 72.16, a PEG ratio of 3.26 and a beta of 1.04. The firm has a 50 day moving average of $304.01 and a 200-day moving average of $280.94. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.13 and a current ratio of 1.32. Cadence Design Systems, Inc. has a 52 week low of $198.92 and a 52 week high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data 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 business 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 was down 1.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.02 EPS. On average, analysts forecast that Cadence Design Systems, Inc. will post 4.79 EPS for the current fiscal year.

Cadence Design Systems 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.