Weaver Capital Management LLC Grows Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Weaver Capital Management LLC increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 91.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,683 shares of the software maker’s stock after buying an additional 806 shares during the period. Weaver Capital Management LLC’s holdings in Cadence Design Systems were worth $506,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in CDNS. 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 stake in Cadence Design Systems during the third quarter worth approximately $28,000. Versant Capital Management Inc boosted 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. Prestige Wealth Management Group LLC boosted its position in Cadence Design Systems by 56.6% during the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after acquiring an additional 60 shares during the last quarter. Finally, Meeder Asset Management Inc. boosted its position in Cadence Design Systems by 30.3% during the third quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock worth $55,000 after acquiring an additional 47 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

Shares of CDNS stock opened at $299.67 on Wednesday. The firm has a market cap of $82.19 billion, a P/E ratio of 78.65, a P/E/G ratio of 3.42 and a beta of 1.03. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99. The firm has a fifty day moving average of $305.02 and a two-hundred day moving average of $284.54.

Insider Activity

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. The trade was a 62.51 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $306.19, for a total transaction of $199,023.50. Following the sale, the vice president now owns 60,461 shares in the company, valued at $18,512,553.59. This trade represents a 1.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 107,766 shares of company stock valued at $33,348,867. Company insiders own 0.62% of the company’s stock.

Wall Street Analysts Forecast Growth

CDNS has been the topic of a number of analyst reports. Berenberg Bank initiated coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price on the stock. Wells Fargo & Company initiated coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target on the stock. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They set a “buy” rating and a $350.00 price target on the stock. Loop Capital initiated coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They set a “buy” rating and a $360.00 price target on the stock. Finally, Robert W. Baird raised their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $329.50.

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.