BLB&B Advisors LLC Raises Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

BLB&B Advisors LLC lifted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 50,422 shares of the software maker’s stock after purchasing an additional 1,113 shares during the quarter. BLB&B Advisors LLC’s holdings in Cadence Design Systems were worth $15,150,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Golden State Wealth Management LLC purchased a new position in shares of Cadence Design Systems in the fourth quarter worth $28,000. Missouri Trust & Investment Co purchased a new position in Cadence Design Systems in the 3rd quarter worth $27,000. MidAtlantic Capital Management Inc. acquired a new stake in Cadence Design Systems during the 3rd quarter worth about $28,000. Versant Capital Management Inc grew its stake in Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after purchasing an additional 87 shares during the last quarter. Finally, Prestige Wealth Management Group LLC increased its holdings in shares of Cadence Design Systems by 56.6% in the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after purchasing an additional 60 shares during the period. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Loop Capital started coverage on Cadence Design Systems in a research report on Monday, November 11th. They issued a “buy” rating and a $360.00 target price on the stock. Mizuho increased their price objective 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. Wells Fargo & Company initiated coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price for the company. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday. Finally, Needham & Company LLC decreased their price objective 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 equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $329.50.

Insiders Place Their Bets

In related news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $306.19, for a total value of $199,023.50. Following the completion of the transaction, the vice president now directly owns 60,461 shares of the company’s stock, valued at approximately $18,512,553.59. This represents a 1.06 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Scannell sold 3,171 shares of Cadence Design Systems stock in a transaction 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 sale, the vice president now directly owns 14,318 shares in the company, valued at approximately $4,378,158.04. This trade represents a 18.13 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 108,416 shares of company stock worth $33,538,875. Company insiders own 0.62% of the company’s stock.

Cadence Design Systems Trading Down 1.1 %

Shares of CDNS stock opened at $299.68 on Friday. The stock has a 50 day simple moving average of $304.73 and a 200-day simple moving average of $284.93. 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 $82.19 billion, a price-to-earnings ratio of 78.66, a PEG ratio of 3.42 and a beta of 1.03. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27.

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.