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

Grove Bank & Trust boosted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.6% during the 4th quarter, HoldingsChannel.com reports. The firm 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 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Van ECK Associates Corp raised its holdings in shares of Cadence Design Systems by 26.1% in the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock worth $689,472,000 after buying an additional 572,251 shares during the period. Principal Financial Group Inc. increased its stake in Cadence Design Systems by 33.0% in the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after purchasing an additional 501,833 shares during the period. Meridiem Investment Management Ltd. purchased a new stake in shares of Cadence Design Systems during the third quarter valued at $129,285,000. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of 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 purchasing an additional 310,250 shares during the last quarter. Finally, Marshall Wace LLP increased its stake 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 buying an additional 285,130 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on CDNS shares. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Needham & Company LLC reduced their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Robert W. Baird upped their target price on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Berenberg Bank began coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target on the stock. Finally, Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective for the company. One analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $329.50.

Cadence Design Systems Stock Up 2.2 %

Shares of CDNS stock opened at $305.60 on Monday. The stock’s fifty day moving average price is $304.43 and its 200 day moving average price is $284.94. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99. The company has a market cap of $83.81 billion, a price-to-earnings ratio of 80.21, a price-to-earnings-growth ratio of 3.44 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.20. The firm 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 revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.01 earnings per share. On average, research analysts expect that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the sale, the chief executive officer now owns 55,874 shares in the company, valued at $17,320,940. This represents a 62.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Paul Scannell sold 3,171 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $305.78, for a total transaction of $969,628.38. Following the transaction, the vice president now directly owns 14,318 shares of the company’s stock, valued at $4,378,158.04. This represents a 18.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 108,416 shares of company stock valued at $33,528,267. 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.