Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. lifted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.2% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,706,129 shares of the software maker’s stock after buying an additional 68,674 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.62% of Cadence Design Systems worth $512,624,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Missouri Trust & Investment Co purchased a new stake in shares of Cadence Design Systems in the third quarter valued at about $27,000. MidAtlantic Capital Management Inc. acquired a new position in shares of Cadence Design Systems during the 3rd quarter worth approximately $28,000. Golden State Wealth Management LLC acquired a new position in shares of Cadence Design Systems during the 4th quarter worth approximately $28,000. Versant Capital Management Inc lifted its stake in Cadence Design Systems by 164.2% in the 4th 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 in the last quarter. Finally, 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 during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Down 0.2 %

Shares of NASDAQ CDNS opened at $241.29 on Wednesday. The stock has a market capitalization of $66.14 billion, a PE ratio of 62.51, a P/E/G ratio of 3.88 and a beta of 1.03. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The firm has a fifty day moving average of $292.50 and a 200-day moving average of $286.27. Cadence Design Systems, Inc. has a 52-week low of $233.72 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly 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). The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. On average, analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Buying and Selling

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total value of $190,008.00. Following the completion of the sale, the vice president now owns 58,773 shares of the company’s stock, valued at $17,180,523.36. This represents a 1.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction 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 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 quarter, insiders sold 107,766 shares of company stock valued at $33,339,852. 1.99% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on CDNS shares. Rosenblatt Securities boosted their price target on Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Robert W. Baird reduced their target price on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a report on Thursday, February 20th. Bank of America lowered their price target on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. Loop Capital reduced their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Finally, Mizuho lifted their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $326.92.

Cadence Design Systems 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.