Vanguard Group Inc. Purchases 327,456 Shares of Cadence Design Systems, Inc. $CDNS

Vanguard Group Inc. boosted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 26,923,317 shares of the software maker’s stock after purchasing an additional 327,456 shares during the quarter. Vanguard Group Inc. owned about 9.89% of Cadence Design Systems worth $9,457,084,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Brighton Jones LLC lifted its stake in shares of Cadence Design Systems by 80.2% in the 4th quarter. Brighton Jones LLC now owns 1,519 shares of the software maker’s stock valued at $456,000 after purchasing an additional 676 shares during the period. Integrated Wealth Concepts LLC grew its holdings 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 valued at $560,000 after purchasing an additional 80 shares during the period. Harbour Investments Inc. grew its holdings in shares of Cadence Design Systems by 17.8% in the 2nd quarter. Harbour Investments Inc. now owns 358 shares of the software maker’s stock valued at $110,000 after buying an additional 54 shares during the period. Mutual Advisors LLC raised its stake in Cadence Design Systems by 6.5% during the 2nd quarter. Mutual Advisors LLC now owns 1,223 shares of the software maker’s stock worth $406,000 after buying an additional 75 shares during the period. Finally, Koshinski Asset Management Inc. acquired a new position in shares of Cadence Design Systems in the 2nd quarter valued at approximately $208,000. 84.85% of the stock is owned by institutional investors.

Insider Activity at Cadence Design Systems

In related news, Director Ita M. Brennan sold 180 shares of the business’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 sale, the director owned 7,650 shares of the company’s stock, valued at $2,581,722. The trade was a 2.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Anirudh Devgan sold 20,000 shares of the firm’s stock in a transaction on Friday, December 5th. The stock was sold at an average price of $340.00, for a total value of $6,800,000.00. Following the transaction, the chief executive officer directly owned 195,844 shares of the company’s stock, valued at approximately $66,586,960. This represents a 9.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 56,475 shares of company stock valued at $18,505,486. Corporate insiders own 0.37% of the company’s stock.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $299.46 on Tuesday. The firm’s fifty day moving average price is $310.91 and its two-hundred day moving average price is $329.41. The stock has a market cap of $81.51 billion, a PE ratio of 77.18, a PEG ratio of 3.33 and a beta of 1.01. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.84 and a current ratio of 3.05. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $376.45.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Wolfe Research restated an “outperform” rating and set a $385.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 28th. Rosenblatt Securities upped their price target on shares of Cadence Design Systems from $320.00 to $335.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 28th. Weiss Ratings reiterated a “hold (c)” rating on shares of Cadence Design Systems in a research note on Monday, December 29th. Citigroup started coverage on shares of Cadence Design Systems in a report on Monday, November 24th. They set a “buy” rating and a $385.00 target price for the company. Finally, Robert W. Baird boosted their price target on Cadence Design Systems from $390.00 to $418.00 and gave the company an “outperform” rating in a research note on Tuesday, October 28th. Thirteen research 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 stock 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.