Savant Capital LLC Acquires 1,080 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Savant Capital LLC grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 62.3% during the 4th quarter, Holdings Channel reports. The firm owned 2,813 shares of the software maker’s stock after buying an additional 1,080 shares during the period. Savant Capital LLC’s holdings in Cadence Design Systems were worth $766,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Mission Wealth Management LP increased its holdings in Cadence Design Systems by 1.4% during the fourth quarter. Mission Wealth Management LP now owns 6,588 shares of the software maker’s stock worth $1,794,000 after buying an additional 91 shares during the last quarter. Certuity LLC acquired a new position in shares of Cadence Design Systems during the 4th quarter worth about $667,000. Norden Group LLC bought a new stake in shares of Cadence Design Systems in the 4th quarter valued at about $206,000. Penobscot Investment Management Company Inc. lifted its stake in Cadence Design Systems by 76.5% in the 4th quarter. Penobscot Investment Management Company Inc. now owns 8,400 shares of the software maker’s stock valued at $2,288,000 after purchasing an additional 3,640 shares during the last quarter. Finally, Kestra Private Wealth Services LLC grew its holdings in Cadence Design Systems by 29.8% during the fourth quarter. Kestra Private Wealth Services LLC now owns 11,867 shares of the software maker’s stock worth $3,232,000 after purchasing an additional 2,721 shares during the period. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

CDNS stock opened at $281.63 on Friday. The company has a market capitalization of $76.64 billion, a P/E ratio of 73.34, a PEG ratio of 3.32 and a beta of 1.06. The company has a fifty day moving average price of $302.02 and a 200-day moving average price of $282.12. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 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 issued its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same quarter in the prior year, the firm posted $1.02 earnings per share. The business’s quarterly revenue was down 1.2% on a year-over-year basis. As a group, equities analysts expect that Cadence Design Systems, Inc. will post 4.78 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CDNS shares. Stifel Nicolaus raised their price objective on Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research report on Tuesday, February 13th. Robert W. Baird raised their price target on Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a report on Thursday, April 18th. Wells Fargo & Company lifted their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Monday, April 22nd. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $326.11.

Insider Transactions at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Tuesday, February 6th. The shares were 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 of the company’s stock, valued at $15,924,053.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the transaction, the vice president now directly owns 156,156 shares in the company, valued at approximately $46,375,208.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’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 sale, the director now directly owns 53,183 shares of the company’s stock, valued at approximately $15,924,053.86. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 174,566 shares of company stock worth $52,649,105. Company insiders own 1.99% of the company’s stock.

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.