Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by Robocap Asset Management Ltd

Robocap Asset Management Ltd boosted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 30.1% during the 4th quarter, HoldingsChannel.com reports. The fund owned 21,003 shares of the software maker’s stock after purchasing an additional 4,861 shares during the period. Cadence Design Systems makes up 4.2% of Robocap Asset Management Ltd’s portfolio, making the stock its 13th largest position. Robocap Asset Management Ltd’s holdings in Cadence Design Systems were worth $6,311,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Missouri Trust & Investment Co acquired a new position in shares of Cadence Design Systems in the third quarter valued at approximately $27,000. MidAtlantic Capital Management Inc. purchased a new position in Cadence Design Systems in the 3rd quarter valued at $28,000. Golden State Wealth Management LLC acquired a new position in Cadence Design Systems in the 4th quarter valued at $28,000. Versant Capital Management Inc lifted its stake in shares of Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after acquiring an additional 87 shares during the period. Finally, Prestige Wealth Management Group LLC increased its stake in shares of Cadence Design Systems by 56.6% during the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after acquiring an additional 60 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CDNS has been the topic of a number of analyst reports. Berenberg Bank started coverage on Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective on the stock. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday. Mizuho raised their target price on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective for the company. Finally, Wells Fargo & Company began coverage on Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average price target of $329.50.

Cadence Design Systems Stock Down 1.1 %

CDNS stock opened at $299.68 on Friday. The company has a 50 day moving average price of $304.73 and a two-hundred day moving average price of $284.93. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The stock has a market capitalization of $82.19 billion, a P/E ratio of 78.66, a PEG ratio of 3.42 and a beta of 1.03. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99.

Insider Activity

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated 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 sale, the vice president now owns 60,461 shares in the company, valued at $18,512,553.59. The trade was a 1.06 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Anirudh Devgan sold 93,151 shares of the firm’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 transaction of $28,876,810.00. Following the completion of the sale, the chief executive officer now directly 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 disclosure for this sale can be found here. Insiders sold a total of 108,416 shares of company stock valued at $33,538,875 over the last quarter. Company insiders own 0.62% of the company’s stock.

Cadence Design Systems Company Profile

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.