Sage Mountain Advisors LLC Increases Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sage Mountain Advisors LLC raised its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 14.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,211 shares of the software maker’s stock after acquiring an additional 149 shares during the period. Sage Mountain Advisors LLC’s holdings in Cadence Design Systems were worth $364,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Avior Wealth Management LLC raised its position in Cadence Design Systems by 12.4% in the 4th quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock worth $98,000 after purchasing an additional 36 shares during the period. Lindbrook Capital LLC increased its holdings in shares of Cadence Design Systems by 1.7% in the fourth quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker’s stock worth $670,000 after buying an additional 38 shares during the period. Fifth Third Wealth Advisors LLC lifted its stake in shares of Cadence Design Systems by 0.7% in the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock valued at $1,501,000 after acquiring an additional 40 shares during the last quarter. Paragon Advisors LLC boosted its holdings in Cadence Design Systems by 0.6% during the 3rd quarter. Paragon Advisors LLC now owns 6,465 shares of the software maker’s stock valued at $1,752,000 after acquiring an additional 41 shares during the period. Finally, Empower Advisory Group LLC grew 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 acquiring an additional 41 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Performance

Cadence Design Systems stock opened at $234.25 on Wednesday. Cadence Design Systems, Inc. has a fifty-two week low of $230.09 and a fifty-two week high of $328.99. The stock’s 50 day simple moving average is $286.00 and its two-hundred day simple moving average is $284.88. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The stock has a market cap of $64.21 billion, a price-to-earnings ratio of 60.69, a PEG ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS) last released its 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 firm had revenue of $1.36 billion during 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%. As a group, analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Activity

In related news, VP Paul Scannell sold 3,171 shares of the business’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $305.78, for a total transaction of $969,628.38. Following the sale, the vice president now owns 14,318 shares of the company’s stock, valued at $4,378,158.04. The trade was a 18.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $252.73, for a total transaction of $164,274.50. Following the completion of the sale, the vice president now owns 58,123 shares in the company, valued at approximately $14,689,425.79. This trade represents a 1.11 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 108,416 shares of company stock worth $33,504,126. Corporate insiders own 0.62% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on CDNS shares. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Bank of America dropped 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 research report on Wednesday, February 19th. Robert W. Baird decreased their price objective on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. Redburn Atlantic began coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They set a “buy” rating and a $350.00 target price for the company. Finally, Rosenblatt Securities boosted their price target on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a 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 issued a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average price target of $326.92.

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.