Manning & Napier Advisors LLC Purchases Shares of 494,555 Cadence Design Systems, Inc. (NASDAQ:CDNS)

Manning & Napier Advisors LLC purchased a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 494,555 shares of the software maker’s stock, valued at approximately $148,594,000. Cadence Design Systems comprises 1.7% of Manning & Napier Advisors LLC’s portfolio, making the stock its 17th largest position.

A number of other institutional investors and hedge funds have also bought and sold shares of CDNS. Avior Wealth Management LLC grew its holdings in shares of Cadence Design Systems by 12.4% in the fourth quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock worth $98,000 after purchasing an additional 36 shares during the last quarter. Dudley Capital Management LLC grew its holdings in shares of Cadence Design Systems by 4.3% in the third quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock worth $257,000 after purchasing an additional 39 shares during the last quarter. Trust Point Inc. lifted its stake in Cadence Design Systems by 2.9% in the third quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock worth $379,000 after acquiring an additional 40 shares during the period. Falcon Wealth Planning lifted its stake in Cadence Design Systems by 5.1% in the third quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock worth $222,000 after acquiring an additional 40 shares during the period. Finally, Fifth Third Wealth Advisors LLC lifted its stake in Cadence Design Systems by 0.7% in the third quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock worth $1,501,000 after acquiring an additional 40 shares during the period. 84.85% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on CDNS shares. Loop Capital started coverage on Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 price target for the company. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Redburn Atlantic assumed coverage on Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 price target for the company. Mizuho raised their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Finally, Berenberg Bank assumed coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective for the company. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $329.50.

Insider Buying and Selling at Cadence Design Systems

In related news, VP Paul Scannell sold 3,171 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $305.78, for a total value of $969,628.38. Following the transaction, the vice president now directly owns 14,318 shares of the company’s stock, valued at approximately $4,378,158.04. The trade was a 18.13 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $306.19, for a total value of $199,023.50. Following the completion of the transaction, the vice president now directly owns 60,461 shares in the company, valued at approximately $18,512,553.59. This represents a 1.06 % 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 $33,528,267 in the last three months. 1.99% of the stock is currently owned by company insiders.

Cadence Design Systems Stock Performance

NASDAQ CDNS traded down $6.48 during trading hours on Wednesday, hitting $292.82. The company’s stock had a trading volume of 166,851 shares, compared to its average volume of 1,559,903. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The company’s 50 day simple moving average is $306.04 and its two-hundred day simple moving average is $284.61. The company has a market cap of $80.31 billion, a P/E ratio of 77.06, a price-to-earnings-growth ratio of 3.70 and a beta of 1.04. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping the consensus estimate of $1.44 by $0.20. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. Cadence Design Systems’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period last year, the company earned $1.01 EPS. As a group, sell-side analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS 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.