DDD Partners LLC Buys New Shares in Cadence Design Systems, Inc. $CDNS

DDD Partners LLC bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 3rd quarter, Holdings Channel.com reports. The firm bought 32,944 shares of the software maker’s stock, valued at approximately $11,572,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CDNS. Brighton Jones LLC boosted its position in shares of Cadence Design Systems by 80.2% in 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 raised its stake in Cadence Design Systems by 3.8% during the first quarter. Integrated Wealth Concepts LLC now owns 2,203 shares of the software maker’s stock worth $560,000 after purchasing an additional 80 shares during the period. Concurrent Investment Advisors LLC boosted its holdings in shares of Cadence Design Systems by 26.1% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 1,408 shares of the software maker’s stock valued at $434,000 after purchasing an additional 291 shares during the last quarter. CWM LLC grew its stake in shares of Cadence Design Systems by 69.0% during the 2nd quarter. CWM LLC now owns 12,247 shares of the software maker’s stock valued at $3,774,000 after buying an additional 5,002 shares during the period. Finally, RFG Advisory LLC increased its holdings in shares of Cadence Design Systems by 4.9% during the 2nd quarter. RFG Advisory LLC now owns 2,126 shares of the software maker’s stock worth $655,000 after buying an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Activity

In other news, Director Ita M. Brennan sold 180 shares of the company’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $337.48, for a total value of $60,746.40. Following the completion of the transaction, the director directly owned 7,650 shares in the company, valued at approximately $2,581,722. This represents a 2.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Scannell sold 5,490 shares of the firm’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $339.43, for a total transaction of $1,863,470.70. Following the sale, the vice president directly owned 20,321 shares of the company’s stock, valued at approximately $6,897,557.03. The trade was a 21.27% 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 ninety days. 1.99% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

CDNS has been the topic of a number of research analyst reports. Wells Fargo & Company lifted their target price on Cadence Design Systems from $405.00 to $410.00 and gave the company an “overweight” rating in a report on Tuesday, October 28th. Oppenheimer upgraded Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 price objective on the stock in a report on Monday, December 1st. Needham & Company LLC reaffirmed a “buy” rating and issued a $390.00 price objective on shares of Cadence Design Systems in a research note on Monday, December 22nd. Rosenblatt Securities boosted their target price on Cadence Design Systems from $320.00 to $335.00 and gave the stock a “neutral” rating in a report on Tuesday, October 28th. Finally, Citigroup began coverage on shares of Cadence Design Systems in a research report on Monday, November 24th. They set a “buy” rating and a $385.00 target price for the company. Thirteen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus price target of $379.59.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $299.46 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.05 and a quick ratio of 2.84. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $376.45. The company has a market capitalization of $81.51 billion, a price-to-earnings ratio of 77.18, a PEG ratio of 3.21 and a beta of 1.01. The business has a 50-day moving average of $311.67 and a 200-day moving average of $330.40.

Cadence Design Systems Company Profile

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.