Wilmington Savings Fund Society FSB Purchases 1,417 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Wilmington Savings Fund Society FSB boosted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 17.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 9,628 shares of the software maker’s stock after acquiring an additional 1,417 shares during the period. Wilmington Savings Fund Society FSB’s holdings in Cadence Design Systems were worth $2,893,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in CDNS. Kingsview Wealth Management LLC lifted its holdings in shares of Cadence Design Systems by 1.2% in the 4th quarter. Kingsview Wealth Management LLC now owns 4,822 shares of the software maker’s stock worth $1,449,000 after purchasing an additional 57 shares in the last quarter. Robocap Asset Management Ltd lifted its stake in shares of Cadence Design Systems by 30.1% in the fourth quarter. Robocap Asset Management Ltd now owns 21,003 shares of the software maker’s stock valued at $6,311,000 after buying an additional 4,861 shares in the last quarter. Apollon Wealth Management LLC grew its holdings in shares of Cadence Design Systems by 13.1% during the fourth quarter. Apollon Wealth Management LLC now owns 7,134 shares of the software maker’s stock valued at $2,144,000 after buying an additional 824 shares during the last quarter. BLB&B Advisors LLC increased its position in shares of Cadence Design Systems by 2.3% during the fourth quarter. BLB&B Advisors LLC now owns 50,422 shares of the software maker’s stock worth $15,150,000 after acquiring an additional 1,113 shares in the last quarter. Finally, EULAV Asset Management increased its position in shares of Cadence Design Systems by 2.8% during the fourth quarter. EULAV Asset Management now owns 289,304 shares of the software maker’s stock worth $86,924,000 after acquiring an additional 7,996 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 5,920 shares of Cadence Design Systems stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total value of $1,799,916.80. Following the completion of the sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $16,987,930.96. This trade represents a 9.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO John M. Wall sold 4,224 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $309.03, for a total transaction of $1,305,342.72. Following the sale, the chief financial officer now directly owns 29,248 shares in the company, valued at approximately $9,038,509.44. This trade represents a 12.62 % 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 worth $33,538,875 in the last quarter. Insiders own 1.99% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Mizuho lifted their price target on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Needham & Company LLC cut their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Robert W. Baird upped their price target 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 objective on the stock. Finally, Loop Capital assumed coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 target price for the company. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average target price of $329.50.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $299.68 on Friday. 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 firm has a market cap of $82.19 billion, a price-to-earnings ratio of 78.66, a P/E/G ratio of 3.50 and a beta of 1.03. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The firm’s 50-day simple moving average is $304.59 and its two-hundred day simple moving average is $285.02.

Cadence Design Systems 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.