Leelyn Smith LLC Acquires New Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Leelyn Smith LLC purchased a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 2,688 shares of the software maker’s stock, valued at approximately $808,000.

A number of other hedge funds also recently added to or reduced their stakes in the company. Swedbank AB lifted its holdings in shares of Cadence Design Systems by 15.1% during the third quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock valued at $475,336,000 after purchasing an additional 230,672 shares in the last quarter. Principal Financial Group Inc. raised its position in Cadence Design Systems by 33.0% in the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after buying an additional 501,833 shares during the last quarter. OneDigital Investment Advisors LLC raised its position in Cadence Design Systems by 63.5% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,477 shares of the software maker’s stock worth $942,000 after buying an additional 1,350 shares during the last quarter. Empowered Funds LLC boosted its holdings in shares of Cadence Design Systems by 13.3% during the 3rd quarter. Empowered Funds LLC now owns 12,974 shares of the software maker’s stock valued at $3,516,000 after acquiring an additional 1,526 shares during the last quarter. Finally, Natixis Advisors LLC grew its stake in shares of Cadence Design Systems by 6.1% in the third quarter. Natixis Advisors LLC now owns 181,610 shares of the software maker’s stock worth $49,222,000 after acquiring an additional 10,371 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Trading Up 3.1 %

Shares of NASDAQ:CDNS opened at $255.11 on Tuesday. The stock has a 50 day moving average of $281.46 and a 200 day moving average of $284.30. The company has a market cap of $69.93 billion, a PE ratio of 66.09, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 12-month low of $230.09 and a 12-month high of $328.99. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results 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 firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. As a group, equities research analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Buying and Selling

In other news, 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 value of $164,274.50. Following the completion of the transaction, the vice president now owns 58,123 shares of the company’s stock, valued at $14,689,425.79. This represents a 1.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Anirudh Devgan sold 5,920 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total value of $1,799,916.80. Following the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at $16,987,930.96. This trade represents a 9.58 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 105,245 shares of company stock valued at $32,534,498. Company insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

CDNS has been the topic of a number of research analyst reports. Rosenblatt Securities increased their price objective 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. Wells Fargo & Company initiated coverage on Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target on the stock. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Mizuho upped their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Finally, Redburn Atlantic started coverage on Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 target price on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus 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.