Assetmark Inc. Boosts Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Assetmark Inc. grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.8% during the 4th quarter, HoldingsChannel.com reports. The firm owned 189,285 shares of the software maker’s stock after buying an additional 3,315 shares during the period. Assetmark Inc.’s holdings in Cadence Design Systems were worth $56,873,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Principal Financial Group Inc. lifted its position in Cadence Design Systems by 10.7% in the fourth quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker’s stock valued at $672,300,000 after buying an additional 216,075 shares during the last quarter. Pittenger & Anderson Inc. raised its stake in shares of Cadence Design Systems by 50.1% in the 4th quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker’s stock valued at $1,589,000 after acquiring an additional 1,766 shares during the period. Meridiem Investment Management Ltd. lifted its holdings in shares of Cadence Design Systems by 64.3% in the 4th quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker’s stock worth $235,625,000 after acquiring an additional 306,887 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in shares of Cadence Design Systems by 132.1% during the 4th quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock worth $41,850,000 after purchasing an additional 79,268 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings 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 valued at $258,136,000 after purchasing an additional 310,250 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the completion of the sale, the chief executive officer now owns 55,874 shares in the company, valued at $16,987,930.96. This represents a 9.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total transaction of $190,008.00. Following the transaction, the vice president now directly owns 58,773 shares in the company, valued at $17,180,523.36. The trade was a 1.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 107,766 shares of company stock worth $33,339,852. Corporate insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

CDNS has been the topic of a number of research reports. Robert W. Baird decreased their price target on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research note on Thursday, February 20th. Loop Capital dropped their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. Wells Fargo & Company began coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target for the company. Bank of America decreased their target price on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. Finally, Redburn Atlantic started coverage on Cadence Design Systems in a report on Monday, January 13th. They set a “buy” rating and a $350.00 price target on the stock. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $326.92.

Cadence Design Systems Stock Down 0.2 %

Shares of NASDAQ CDNS opened at $241.29 on Wednesday. The company has a market capitalization of $66.14 billion, a price-to-earnings ratio of 62.51, a price-to-earnings-growth ratio of 3.88 and a beta of 1.03. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The business has a 50-day moving average of $292.50 and a two-hundred day moving average of $286.27. Cadence Design Systems, Inc. has a 1 year low of $233.72 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing the consensus estimate of $1.82 by ($0.33). The business had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. On average, analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

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.