Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock Holdings Decreased by Cigna Investments Inc. New

Cigna Investments Inc. New reduced its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.4% during the 4th quarter, HoldingsChannel.com reports. The fund owned 2,791 shares of the software maker’s stock after selling 40 shares during the quarter. Cigna Investments Inc. New’s holdings in Cadence Design Systems were worth $839,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in CDNS. Livforsakringsbolaget Skandia Omsesidigt increased its position in shares of Cadence Design Systems by 345.8% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 2,336 shares of the software maker’s stock worth $633,000 after acquiring an additional 1,812 shares in the last quarter. CVA Family Office LLC boosted its holdings in shares of Cadence Design Systems by 27.0% during the third quarter. CVA Family Office LLC now owns 376 shares of the software maker’s stock worth $102,000 after purchasing an additional 80 shares during the period. Redhawk Wealth Advisors Inc. boosted its holdings in shares of Cadence Design Systems by 3.9% during the third quarter. Redhawk Wealth Advisors Inc. now owns 11,056 shares of the software maker’s stock worth $2,997,000 after purchasing an additional 413 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH boosted its holdings in shares of Cadence Design Systems by 52.8% during the third quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 472 shares of the software maker’s stock worth $128,000 after purchasing an additional 163 shares during the period. Finally, Procyon Advisors LLC boosted its holdings in shares of Cadence Design Systems by 3.6% during the third quarter. Procyon Advisors LLC now owns 1,655 shares of the software maker’s stock worth $449,000 after purchasing an additional 58 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $305.63 on Tuesday. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. The stock’s 50 day moving average price is $304.59 and its two-hundred day moving average price is $285.16. 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 stock has a market capitalization of $83.82 billion, a price-to-earnings ratio of 80.22, a PEG ratio of 3.50 and a beta of 1.03.

Insider Activity

In related news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $306.19, for a total transaction of $199,023.50. Following the transaction, the vice president now directly owns 60,461 shares of the company’s stock, valued at approximately $18,512,553.59. This trade represents a 1.06 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Anirudh Devgan sold 5,920 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total value of $1,799,916.80. Following the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $16,987,930.96. This represents a 9.58 % 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 valued at $33,538,875 in the last ninety days. 1.99% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts recently commented on CDNS shares. Needham & Company LLC decreased their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. Mizuho raised their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Redburn Atlantic began coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 target price for the company. Robert W. Baird lifted their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Finally, StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. One equities research 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 currently has an average rating of “Moderate Buy” and an average target price of $329.50.

Cadence Design Systems Company 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.