Alliancebernstein L.P. Increases Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Alliancebernstein L.P. lifted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 12.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,676,194 shares of the software maker’s stock after purchasing an additional 632,175 shares during the period. Cadence Design Systems comprises approximately 0.6% of Alliancebernstein L.P.’s holdings, making the stock its 28th biggest holding. Alliancebernstein L.P.’s holdings in Cadence Design Systems were worth $1,705,469,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of CDNS. Avior Wealth Management LLC increased its position in Cadence Design Systems by 12.4% during the fourth quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock worth $98,000 after buying an additional 36 shares in the last quarter. Lindbrook Capital LLC boosted its stake in shares of Cadence Design Systems by 1.7% during the fourth quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker’s stock valued at $670,000 after acquiring an additional 38 shares during the last quarter. Empower Advisory Group LLC increased its position in Cadence Design Systems by 4.9% during the 4th quarter. Empower Advisory Group LLC now owns 875 shares of the software maker’s stock worth $263,000 after purchasing an additional 41 shares in the last quarter. Marcum Wealth LLC raised its stake in Cadence Design Systems by 4.1% in the 4th quarter. Marcum Wealth LLC now owns 1,123 shares of the software maker’s stock valued at $337,000 after purchasing an additional 44 shares during the last quarter. Finally, CX Institutional lifted its holdings in Cadence Design Systems by 2.6% in the 4th quarter. CX Institutional now owns 1,791 shares of the software maker’s stock valued at $538,000 after purchasing an additional 46 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $292.32, for a total transaction of $190,008.00. Following the sale, the vice president now directly owns 58,773 shares in the company, valued at approximately $17,180,523.36. This trade represents a 1.09 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was 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 owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 101,021 shares of company stock worth $31,229,155. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Stock Performance

Cadence Design Systems stock opened at $256.69 on Monday. The company has a market cap of $70.36 billion, a price-to-earnings ratio of 66.50, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 12 month low of $230.09 and a 12 month high of $328.99. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The stock’s 50-day moving average is $274.55 and its 200-day moving average is $284.52.

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

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective for the company. Robert W. Baird cut their price target on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. Needham & Company LLC reissued a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Rosenblatt Securities lifted their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Finally, Loop Capital reduced their target price on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $324.83.

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.