Hartford Investment Management Co. Lowers Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Hartford Investment Management Co. lowered its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,954 shares of the software maker’s stock after selling 290 shares during the quarter. Hartford Investment Management Co.’s holdings in Cadence Design Systems were worth $5,094,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Nisa Investment Advisors LLC boosted its position in Cadence Design Systems by 132.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock worth $41,850,000 after purchasing an additional 79,268 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in Cadence Design Systems by 48.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after purchasing an additional 310,250 shares in the last quarter. Avanza Fonder AB purchased a new position in Cadence Design Systems during the fourth quarter worth approximately $6,046,000. Caisse DE Depot ET Placement DU Quebec purchased a new position in Cadence Design Systems during the third quarter worth approximately $24,026,000. Finally, Zhang Financial LLC purchased a new position in Cadence Design Systems during the fourth quarter worth approximately $381,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on CDNS shares. Needham & Company LLC decreased their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Loop Capital started coverage on Cadence Design Systems in a research report on Monday, November 11th. They issued a “buy” rating and a $360.00 target price on the stock. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Berenberg Bank started coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price on the stock. Finally, Wells Fargo & Company started coverage on Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $329.50.

Insiders Place Their Bets

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 completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Paul Scannell sold 3,171 shares of Cadence Design Systems stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $305.78, for a total value of $969,628.38. Following the sale, the vice president now directly owns 14,318 shares of the company’s stock, valued at $4,378,158.04. This trade represents a 18.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 108,416 shares of company stock valued at $33,538,875 over the last quarter. 1.99% of the stock is owned by insiders.

Cadence Design Systems Price Performance

CDNS stock opened at $303.87 on Wednesday. The business has a fifty day moving average of $304.50 and a two-hundred day moving average of $285.50. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The stock has a market cap of $83.34 billion, a price-to-earnings ratio of 79.76, a price-to-earnings-growth ratio of 3.50 and a beta of 1.03. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99.

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.