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

Meridian Wealth Management LLC increased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,405 shares of the software maker’s stock after purchasing an additional 91 shares during the quarter. Meridian Wealth Management LLC’s holdings in Cadence Design Systems were worth $2,225,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. LGT Group Foundation boosted its stake in shares of Cadence Design Systems by 5.9% during the 4th quarter. LGT Group Foundation now owns 8,636 shares of the software maker’s stock valued at $2,595,000 after purchasing an additional 482 shares in the last quarter. DJE Kapital AG purchased a new stake in Cadence Design Systems in the fourth quarter worth about $2,397,000. Plato Investment Management Ltd lifted its holdings in Cadence Design Systems by 48.0% in the fourth quarter. Plato Investment Management Ltd now owns 9,005 shares of the software maker’s stock worth $2,715,000 after buying an additional 2,922 shares during the period. SBI Securities Co. Ltd. bought a new stake in Cadence Design Systems during the 4th quarter valued at approximately $3,463,000. Finally, Jones Financial Companies Lllp grew its holdings in shares of Cadence Design Systems by 41.3% during the 4th quarter. Jones Financial Companies Lllp now owns 2,713 shares of the software maker’s stock worth $815,000 after acquiring an additional 793 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Bank of America dropped their price target 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. Mizuho upped their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Needham & Company LLC reissued a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Robert W. Baird cut their price objective on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a report on Thursday, February 20th. Finally, StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. One investment 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. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $326.92.

Insider Buying and Selling

In other news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total transaction of $198,146.00. Following the transaction, the vice president now directly owns 59,311 shares of the company’s stock, valued at $18,080,365.24. The trade was a 1.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Paul Scannell sold 3,171 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $305.78, for a total transaction of $969,628.38. Following the completion of the transaction, the vice president now owns 14,318 shares of the company’s stock, valued at approximately $4,378,158.04. The trade was a 18.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 107,766 shares of company stock valued at $33,339,852. 1.99% of the stock is owned by insiders.

Cadence Design Systems Stock Down 3.5 %

Shares of Cadence Design Systems stock opened at $241.74 on Tuesday. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a twelve month low of $240.35 and a twelve month high of $328.99. The company has a market cap of $66.26 billion, a price-to-earnings ratio of 62.63, a price-to-earnings-growth ratio of 3.88 and a beta of 1.03. The company’s 50 day moving average is $293.85 and its 200 day moving average is $286.55.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) 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 analysts’ expectations of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. Research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

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.