Lincoln National Corp Raises Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Lincoln National Corp increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNSGet Rating) by 23.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,876 shares of the software maker’s stock after purchasing an additional 1,319 shares during the quarter. Lincoln National Corp’s holdings in Cadence Design Systems were worth $1,124,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. SeaCrest Wealth Management LLC purchased a new stake in shares of Cadence Design Systems during the 2nd quarter worth $29,000. American National Bank purchased a new stake in Cadence Design Systems in the third quarter valued at about $33,000. Zions Bancorporation N.A. raised its stake in Cadence Design Systems by 108.3% in the first quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock valued at $37,000 after buying an additional 117 shares during the last quarter. Private Trust Co. NA purchased a new stake in Cadence Design Systems in the second quarter valued at about $35,000. Finally, GHP Investment Advisors Inc. raised its stake in Cadence Design Systems by 252.9% in the second quarter. GHP Investment Advisors Inc. now owns 247 shares of the software maker’s stock valued at $37,000 after buying an additional 177 shares during the last quarter. 84.06% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Lip Bu Tan sold 42,500 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, January 17th. The stock was sold at an average price of $173.39, for a total transaction of $7,369,075.00. Following the transaction, the insider now owns 602,589 shares in the company, valued at $104,482,906.71. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, insider Lip Bu Tan sold 42,500 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, January 17th. The stock was sold at an average price of $173.39, for a total transaction of $7,369,075.00. Following the transaction, the insider now owns 602,589 shares in the company, valued at $104,482,906.71. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Paul Cunningham sold 250 shares of Cadence Design Systems stock in a transaction that occurred on Monday, November 7th. The stock was sold at an average price of $143.63, for a total value of $35,907.50. Following the transaction, the vice president now owns 93,689 shares in the company, valued at approximately $13,456,551.07. The disclosure for this sale can be found here. Insiders have sold a total of 133,250 shares of company stock worth $22,235,385 over the last quarter. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $182.38 on Wednesday. The company has a market cap of $50.03 billion, a PE ratio of 64.22, a price-to-earnings-growth ratio of 2.48 and a beta of 1.10. The stock’s 50 day simple moving average is $165.98 and its 200-day simple moving average is $166.61. Cadence Design Systems, Inc. has a 1-year low of $132.32 and a 1-year high of $194.97. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24.

Cadence Design Systems (NASDAQ:CDNSGet Rating) last released its earnings results on Monday, October 24th. The software maker reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.03. The business had revenue of $902.55 million for the quarter, compared to the consensus estimate of $868.85 million. Cadence Design Systems had a return on equity of 33.19% and a net margin of 22.86%. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.65 earnings per share. As a group, equities research analysts anticipate that Cadence Design Systems, Inc. will post 3.41 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft assumed coverage on Cadence Design Systems in a report on Wednesday, September 28th. They issued a “buy” rating and a $200.00 price objective on the stock. Atlantic Securities raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $200.00 target price on the stock in a report on Tuesday, January 17th. Bank of America raised Cadence Design Systems from a “neutral” rating to a “buy” rating and raised their target price for the stock from $185.00 to $205.00 in a report on Friday, December 16th. Rosenblatt Securities dropped their price objective on Cadence Design Systems from $185.00 to $175.00 and set a “buy” rating on the stock in a report on Monday, October 24th. Finally, StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Saturday. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $195.50.

About Cadence Design Systems

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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.

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Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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