Grove Bank & Trust Acquires 49 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Grove Bank & Trust increased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 925 shares of the software maker’s stock after acquiring an additional 49 shares during the quarter. Grove Bank & Trust’s holdings in Cadence Design Systems were worth $278,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Van ECK Associates Corp increased its stake in shares of Cadence Design Systems by 26.1% during the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock valued at $689,472,000 after purchasing an additional 572,251 shares in the last quarter. Principal Financial Group Inc. increased its position in Cadence Design Systems by 33.0% during the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after buying an additional 501,833 shares in the last quarter. Meridiem Investment Management Ltd. purchased a new position in Cadence Design Systems during the third quarter valued at $129,285,000. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Cadence Design Systems by 48.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after acquiring an additional 310,250 shares in the last quarter. Finally, Marshall Wace LLP grew its stake in shares of Cadence Design Systems by 153.4% in the second quarter. Marshall Wace LLP now owns 471,010 shares of the software maker’s stock worth $144,953,000 after acquiring an additional 285,130 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Mizuho upped their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Loop Capital started coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 target price on the stock. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 29th. Berenberg Bank assumed coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective on the stock. Finally, Wells Fargo & Company initiated coverage on Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price for the company. One analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $329.50.

Insiders Place Their Bets

In other Cadence Design Systems news, CFO John M. Wall sold 4,224 shares of the stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total value of $1,305,342.72. Following the completion of the sale, the chief financial officer now owns 29,248 shares in the company, valued at approximately $9,038,509.44. This represents a 12.62 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Anirudh Devgan sold 5,920 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total value of $1,799,916.80. Following the completion of the transaction, the chief executive officer now owns 55,874 shares in the company, valued at $16,987,930.96. The trade was a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 108,416 shares of company stock worth $33,528,267 over the last quarter. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $305.60 on Monday. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $83.81 billion, a PE ratio of 80.21, a price-to-earnings-growth ratio of 3.44 and a beta of 1.04. The firm’s 50 day moving average price is $304.43 and its 200-day moving average price is $284.94. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.20. The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company’s quarterly revenue was up 18.8% on a year-over-year basis. During the same period last year, the firm earned $1.01 earnings per share. Equities research analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

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.