Nisa Investment Advisors LLC reduced its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS – Get Rating) by 3.8% in the third quarter, according to its most recent filing with the SEC. The fund owned 87,397 shares of the software maker’s stock after selling 3,421 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Cadence Design Systems were worth $14,269,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of CDNS. SeaCrest Wealth Management LLC bought a new stake in Cadence Design Systems in the second quarter worth $29,000. American National Bank bought a new stake in Cadence Design Systems in the third quarter worth $33,000. Zions Bancorporation N.A. lifted its position in shares of Cadence Design Systems by 108.3% during the first quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock worth $37,000 after purchasing an additional 117 shares during the last quarter. Private Trust Co. NA bought a new stake in shares of Cadence Design Systems during the second quarter worth $35,000. Finally, GHP Investment Advisors Inc. lifted its position in shares of Cadence Design Systems by 252.9% during the second quarter. GHP Investment Advisors Inc. now owns 247 shares of the software maker’s stock worth $37,000 after purchasing an additional 177 shares during the last quarter. 84.06% of the stock is currently owned by institutional investors.
Insider Transactions at Cadence Design Systems
In other news, VP Karna Nisewaner sold 1,000 shares of the business’s stock in a transaction dated Monday, January 23rd. The stock was sold at an average price of $180.00, for a total transaction of $180,000.00. Following the sale, the vice president now owns 15,793 shares in the company, valued at $2,842,740. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Lip Bu Tan sold 42,500 shares of Cadence Design Systems stock in a transaction dated 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 completion of the sale, the insider now owns 602,589 shares of the company’s stock, valued at $104,482,906.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Karna Nisewaner sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, January 23rd. The shares were sold at an average price of $180.00, for a total value of $180,000.00. Following the completion of the transaction, the vice president now directly owns 15,793 shares of the company’s stock, valued at $2,842,740. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 134,250 shares of company stock worth $22,415,385. Insiders own 1.99% of the company’s stock.
Wall Street Analyst Weigh In
Several research firms have recently weighed in on CDNS. Bank of America upgraded Cadence Design Systems from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $185.00 to $205.00 in a research report on Friday, December 16th. StockNews.com upgraded Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Sunday. Rosenblatt Securities decreased their target price on Cadence Design Systems from $185.00 to $175.00 and set a “buy” rating for the company in a research report on Monday, October 24th. Robert W. Baird raised their price target on Cadence Design Systems to $206.00 in a research note on Wednesday, December 14th. Finally, Stifel Nicolaus restated a “hold” rating and set a $200.00 price target on shares of Cadence Design Systems in a research note on Wednesday, October 26th. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average price target of $195.50.
Cadence Design Systems Price Performance
Shares of CDNS stock opened at $185.03 on Monday. Cadence Design Systems, Inc. has a fifty-two week low of $132.32 and a fifty-two week high of $194.97. The firm has a market capitalization of $50.76 billion, a price-to-earnings ratio of 65.15, a PEG ratio of 2.51 and a beta of 1.10. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. The stock’s 50-day simple moving average is $167.06 and its 200-day simple moving average is $167.13.
Cadence Design Systems Company Profile
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Cadence Design Systems, Inc engages in the design and development of integrated circuits and electronic devices. Its products include electronic design automation, software, emulation hardware, and intellectual property, commonly referred to as verification IP, and design IP. It operates through the following geographical segments: Americas, Asia, Europe, Middle East and Africa, and Japan.
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