Envestnet Asset Management Inc. Has $304.22 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Envestnet Asset Management Inc. increased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 49.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,012,507 shares of the software maker’s stock after acquiring an additional 334,694 shares during the quarter. Envestnet Asset Management Inc. owned about 0.37% of Cadence Design Systems worth $304,218,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the business. Golden State Wealth Management LLC bought a new position in shares of Cadence Design Systems in the fourth quarter valued at about $28,000. Avalon Trust Co bought a new position in Cadence Design Systems in the 4th quarter valued at about $39,000. Versant Capital Management Inc lifted its position in Cadence Design Systems by 164.2% during 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 last quarter. OFI Invest Asset Management bought a new stake in shares of Cadence Design Systems during the fourth quarter worth approximately $46,000. Finally, Prestige Wealth Management Group LLC grew its position 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 purchasing an additional 60 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total transaction of $164,274.50. Following the transaction, the vice president now directly owns 58,123 shares in the company, valued at approximately $14,689,425.79. This represents a 1.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Anirudh Devgan sold 93,151 shares of the business’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 transaction, the chief executive officer now owns 55,874 shares in the company, valued at $17,320,940. The trade was a 62.51 % decrease in their position. 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. 1.99% of the stock is owned by insiders.

Cadence Design Systems Trading Down 6.4 %

Shares of CDNS stock opened at $232.88 on Friday. Cadence Design Systems, Inc. has a twelve month low of $230.09 and a twelve month high of $328.99. The stock’s fifty day simple moving average is $268.08 and its 200 day simple moving average is $283.75. 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 market capitalization of $63.88 billion, a P/E ratio of 60.33, a P/E/G ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The business 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, sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently weighed in on CDNS shares. Mizuho lifted their price target on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Needham & Company LLC reissued a “buy” rating and set a $325.00 target price on shares of Cadence Design Systems in a report on Wednesday, February 19th. Oppenheimer decreased their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research note on Wednesday, March 19th. Loop Capital dropped their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Finally, Redburn Atlantic assumed coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 target price on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently 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.