Kovitz Investment Group Partners LLC Purchases 3,438 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Kovitz Investment Group Partners LLC grew its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 99.5% in the 3rd quarter, Holdings Channel.com reports. The firm owned 6,894 shares of the software maker’s stock after purchasing an additional 3,438 shares during the quarter. Kovitz Investment Group Partners LLC’s holdings in Cadence Design Systems were worth $1,868,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the business. Principal Financial Group Inc. raised its stake in Cadence Design Systems by 280.1% during the 2nd quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock worth $467,676,000 after acquiring an additional 1,119,824 shares during the period. Van ECK Associates Corp lifted its stake in shares of Cadence Design Systems by 26.1% during the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock valued at $689,472,000 after buying an additional 572,251 shares in the last quarter. Meridiem Investment Management Ltd. bought a new position in Cadence Design Systems in the 3rd quarter worth $129,285,000. Sumitomo Mitsui Trust Group Inc. increased its stake in Cadence Design Systems by 48.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after buying an additional 310,250 shares in the last quarter. Finally, Marshall Wace LLP lifted its holdings in Cadence Design Systems by 153.4% in the 2nd quarter. Marshall Wace LLP now owns 471,010 shares of the software maker’s stock worth $144,953,000 after purchasing an additional 285,130 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $302.86 on Wednesday. The firm has a market capitalization of $83.06 billion, a P/E ratio of 79.49, a PEG ratio of 4.17 and a beta of 1.03. 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 company has a 50 day moving average price of $286.53 and a 200 day moving average price of $285.22. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued 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. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the prior year, the company earned $1.01 EPS. Cadence Design Systems’s quarterly revenue was up 18.8% on a year-over-year basis. Sell-side analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Analyst Ratings Changes

Several brokerages have commented on CDNS. Robert W. Baird boosted their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Berenberg Bank assumed coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective on the stock. Loop Capital assumed coverage on Cadence Design Systems in a report on Monday, November 11th. They issued a “buy” rating and a $360.00 price target on the stock. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 29th. Finally, Needham & Company LLC lowered their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus target price of $326.00.

Insiders Place Their Bets

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $413,970.00. Following the sale, the director now directly owns 43,551 shares in the company, valued at $12,019,204.98. This trade represents a 3.33 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Karna Nisewaner sold 659 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $181,870.82. Following the completion of the transaction, the senior vice president now directly owns 16,029 shares of the company’s stock, valued at $4,423,683.42. The trade was a 3.95 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,634 shares of company stock valued at $1,584,080. Company insiders own 0.62% 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.