Envestnet Asset Management Inc. Acquires 334,694 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Envestnet Asset Management Inc. increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 49.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,012,507 shares of the software maker’s stock after buying an additional 334,694 shares during the period. Envestnet Asset Management Inc.’s holdings in Cadence Design Systems were worth $304,218,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in CDNS. Golden State Wealth Management LLC purchased a new stake in Cadence Design Systems in the fourth quarter worth $28,000. Avalon Trust Co bought a new stake in Cadence Design Systems during the 4th quarter valued at $39,000. Versant Capital Management Inc boosted its holdings in shares of Cadence Design Systems by 164.2% in the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after acquiring an additional 87 shares during the period. Prestige Wealth Management Group LLC grew its holdings in Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after buying an additional 60 shares in the last quarter. Finally, OFI Invest Asset Management purchased a new position in Cadence Design Systems during the 4th quarter valued at about $46,000. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Down 6.4 %

Shares of NASDAQ:CDNS opened at $232.88 on Friday. 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 firm has a market capitalization of $63.88 billion, a price-to-earnings ratio of 60.33, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 1 year low of $230.09 and a 1 year high of $328.99. The business’s 50 day moving average price is $268.08 and its 200-day moving average price is $283.75.

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

Analyst Upgrades and Downgrades

CDNS has been the subject of a number of recent analyst reports. Piper Sandler upped their price target on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Needham & Company LLC reissued a “buy” rating and issued a $325.00 target price on shares of Cadence Design Systems in a report on Wednesday, February 19th. 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. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Finally, Bank of America dropped their target price on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $324.83.

Insider Activity

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total transaction of $190,008.00. Following the transaction, the vice president now owns 58,773 shares of the company’s stock, valued at approximately $17,180,523.36. The trade was a 1.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction 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 sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 95,101 shares of company stock worth $29,395,309 over the last ninety days. Corporate insiders own 1.99% of the company’s stock.

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.