SRS Capital Advisors Inc. Grows Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

SRS Capital Advisors Inc. lifted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 42.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,020 shares of the software maker’s stock after buying an additional 897 shares during the period. SRS Capital Advisors Inc.’s holdings in Cadence Design Systems were worth $907,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Swedbank AB boosted its holdings in shares of Cadence Design Systems by 15.1% during the 3rd quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock worth $475,336,000 after purchasing an additional 230,672 shares during the last quarter. Pinnacle Associates Ltd. lifted its position in Cadence Design Systems by 7.9% during the third quarter. Pinnacle Associates Ltd. now owns 999 shares of the software maker’s stock worth $272,000 after buying an additional 73 shares in the last quarter. Stephens Inc. AR boosted its stake in Cadence Design Systems by 26.3% during the third quarter. Stephens Inc. AR now owns 4,634 shares of the software maker’s stock worth $1,256,000 after buying an additional 964 shares during the last quarter. Principal Securities Inc. grew its holdings in Cadence Design Systems by 14.8% in the 3rd quarter. Principal Securities Inc. now owns 9,732 shares of the software maker’s stock valued at $2,638,000 after buying an additional 1,253 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its stake in shares of Cadence Design Systems by 11.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,724 shares of the software maker’s stock worth $739,000 after acquiring an additional 280 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Robert W. Baird lowered their price target 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. Mizuho increased their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Rosenblatt Securities lifted their price target on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Redburn Atlantic initiated coverage on Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective for the company. Finally, Bank of America reduced their target price on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $326.92.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $250.50 on Monday. 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 stock has a market capitalization of $68.66 billion, a price-to-earnings ratio of 64.90, a price-to-earnings-growth ratio of 3.88 and a beta of 1.03. The business has a 50-day moving average of $295.10 and a 200 day moving average of $286.82. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The business had revenue of $1.36 billion during the quarter, compared to analyst estimates 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, sell-side analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insider Transactions at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the sale, the chief executive officer now 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO John M. Wall sold 4,224 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total transaction of $1,305,342.72. Following the transaction, the chief financial officer now owns 29,248 shares of the company’s stock, valued at $9,038,509.44. This trade represents a 12.62 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 107,766 shares of company stock valued at $33,339,852. 1.99% of the stock is currently owned by company insiders.

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.