Sava Infond d.o.o. Takes $406,000 Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sava Infond d.o.o. purchased a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 1,350 shares of the software maker’s stock, valued at approximately $406,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CDNS. Golden State Wealth Management LLC purchased a new stake in shares of Cadence Design Systems in the 4th quarter valued at about $28,000. Avalon Trust Co acquired a new position in Cadence Design Systems during the fourth quarter worth approximately $39,000. Versant Capital Management Inc lifted its stake in Cadence Design Systems by 164.2% in the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after buying an additional 87 shares during the last quarter. Prestige Wealth Management Group LLC boosted its holdings in shares of Cadence Design Systems by 56.6% in the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after acquiring an additional 60 shares during the period. Finally, OFI Invest Asset Management acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at $46,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total value of $190,008.00. Following the transaction, the vice president now owns 58,773 shares in the company, valued at approximately $17,180,523.36. This trade represents a 1.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at $17,320,940. This represents a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 101,021 shares of company stock worth $31,229,155 over the last quarter. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $262.54 on Friday. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a fifty-two week low of $230.09 and a fifty-two week high of $328.99. The business has a fifty day moving average of $275.52 and a 200-day moving average of $284.16. The stock has a market cap of $71.96 billion, a price-to-earnings ratio of 68.02, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. As a group, analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have issued reports on CDNS shares. Bank of America lowered their price objective on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. Needham & Company LLC restated a “buy” rating and issued a $325.00 price target on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Oppenheimer reduced their price objective on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research note on Wednesday, March 19th. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Finally, Piper Sandler raised their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $324.83.

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.