Wealthfront Advisers LLC Boosts Stock Position in Cadence Design Systems, Inc. $CDNS

Wealthfront Advisers LLC grew its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.6% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 28,259 shares of the software maker’s stock after buying an additional 1,757 shares during the period. Wealthfront Advisers LLC’s holdings in Cadence Design Systems were worth $9,926,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of CDNS. Brighton Jones LLC grew its stake in shares of Cadence Design Systems by 80.2% during the fourth quarter. Brighton Jones LLC now owns 1,519 shares of the software maker’s stock worth $456,000 after acquiring an additional 676 shares during the last quarter. Integrated Wealth Concepts LLC increased its position in shares of Cadence Design Systems by 3.8% in the 1st quarter. Integrated Wealth Concepts LLC now owns 2,203 shares of the software maker’s stock valued at $560,000 after acquiring an additional 80 shares during the period. Blair William & Co. IL raised its stake in Cadence Design Systems by 12.6% in the 2nd quarter. Blair William & Co. IL now owns 4,512 shares of the software maker’s stock worth $1,390,000 after acquiring an additional 506 shares during the last quarter. Blue Trust Inc. grew its stake in Cadence Design Systems by 39.0% during the 2nd quarter. Blue Trust Inc. now owns 638 shares of the software maker’s stock valued at $197,000 after purchasing an additional 179 shares during the last quarter. Finally, Concurrent Investment Advisors LLC raised its stake in shares of Cadence Design Systems by 26.1% in the second quarter. Concurrent Investment Advisors LLC now owns 1,408 shares of the software maker’s stock worth $434,000 after purchasing an additional 291 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Up 0.2%

Shares of NASDAQ CDNS opened at $299.65 on Thursday. The firm has a market cap of $81.56 billion, a price-to-earnings ratio of 77.23, a price-to-earnings-growth ratio of 3.33 and a beta of 1.01. The company’s 50-day simple moving average is $313.41 and its 200-day simple moving average is $330.94. The company has a quick ratio of 2.84, a current ratio of 3.05 and a debt-to-equity ratio of 0.48. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $376.45.

Insider Buying and Selling

In other Cadence Design Systems news, CFO John M. Wall sold 27,805 shares of the stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $318.57, for a total transaction of $8,857,838.85. Following the completion of the transaction, the chief financial officer owned 69,957 shares of the company’s stock, valued at $22,286,201.49. This represents a 28.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $295.09, for a total value of $295,090.00. Following the completion of the sale, the vice president directly owned 95,137 shares in the company, valued at $28,073,977.33. This represents a 1.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 56,475 shares of company stock worth $18,505,486 in the last quarter. 1.99% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on CDNS shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Cadence Design Systems in a report on Monday, December 29th. Needham & Company LLC restated a “buy” rating and issued a $390.00 target price on shares of Cadence Design Systems in a research note on Monday, December 22nd. JPMorgan Chase & Co. raised their target price on Cadence Design Systems from $390.00 to $405.00 and gave the stock an “overweight” rating in a report on Tuesday, October 28th. Wells Fargo & Company boosted their price target on Cadence Design Systems from $405.00 to $410.00 and gave the company an “overweight” rating in a report on Tuesday, October 28th. Finally, Citigroup assumed coverage on shares of Cadence Design Systems in a research note on Monday, November 24th. They set a “buy” rating and a $385.00 price objective on the stock. Thirteen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $379.59.

About Cadence Design Systems

Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.