Burney Co. Has $9.25 Million Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Burney Co. decreased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.7% during the 4th quarter, HoldingsChannel reports. The fund owned 30,770 shares of the software maker’s stock after selling 224 shares during the period. Burney Co.’s holdings in Cadence Design Systems were worth $9,245,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of 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 during the last quarter. Caisse DE Depot ET Placement DU Quebec acquired a new position in Cadence Design Systems in the 3rd quarter valued at approximately $24,026,000. Teamwork Financial Advisors LLC increased its position in Cadence Design Systems by 19.4% in the 3rd quarter. Teamwork Financial Advisors LLC now owns 13,131 shares of the software maker’s stock valued at $3,559,000 after acquiring an additional 2,136 shares during the period. Jennison Associates LLC lifted its holdings in Cadence Design Systems by 2.7% during the 3rd quarter. Jennison Associates LLC now owns 7,606,175 shares of the software maker’s stock worth $2,061,502,000 after buying an additional 198,230 shares during the period. Finally, Vontobel Holding Ltd. lifted its stake in shares of Cadence Design Systems by 5.3% in the third quarter. Vontobel Holding Ltd. now owns 228,597 shares of the software maker’s stock worth $61,957,000 after acquiring an additional 11,568 shares during the period. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Up 2.7 %

CDNS opened at $302.27 on Wednesday. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. The company’s 50-day moving average is $304.32 and its 200 day moving average is $285.20. The firm has a market capitalization of $82.90 billion, a P/E ratio of 79.34, a PEG ratio of 4.16 and a beta of 1.04. 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 (NASDAQ:CDNS) last announced its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.20. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The business’s revenue was up 18.8% compared to the same quarter last year. During the same period last year, the firm posted $1.01 EPS. Research analysts expect that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CDNS. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a research report on Monday. They set a “buy” rating and a $350.00 price objective for the company. Robert W. Baird boosted their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Mizuho raised their target price on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Finally, Oppenheimer started coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price objective for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $329.50.

Insider Transactions at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 5,920 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $16,987,930.96. This represents a 9.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO John M. Wall sold 4,224 shares of Cadence Design Systems stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $309.03, for a total value of $1,305,342.72. Following the completion of the transaction, the chief financial officer now owns 29,248 shares of the company’s stock, valued at approximately $9,038,509.44. This trade represents a 12.62 % 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 worth $33,528,267 in the last quarter. Insiders own 1.99% of the company’s stock.

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.