EP Wealth Advisors LLC Raises Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

EP Wealth Advisors LLC raised its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,299 shares of the software maker’s stock after purchasing an additional 68 shares during the quarter. EP Wealth Advisors LLC’s holdings in Cadence Design Systems were worth $626,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the company. Pinebridge Investments L.P. lifted its holdings in shares of Cadence Design Systems by 37.5% in the fourth quarter. Pinebridge Investments L.P. now owns 19,307 shares of the software maker’s stock worth $5,258,000 after buying an additional 5,269 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its holdings in shares of Cadence Design Systems by 3.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 111,740 shares of the software maker’s stock worth $30,435,000 after buying an additional 3,899 shares in the last quarter. USA Financial Formulas increased its position in Cadence Design Systems by 380.7% in the fourth quarter. USA Financial Formulas now owns 8,922 shares of the software maker’s stock worth $2,430,000 after purchasing an additional 7,066 shares during the last quarter. Miracle Mile Advisors LLC bought a new stake in Cadence Design Systems in the fourth quarter worth $934,000. Finally, Dai ichi Life Insurance Company Ltd increased its position in Cadence Design Systems by 10.8% in the fourth quarter. Dai ichi Life Insurance Company Ltd now owns 65,971 shares of the software maker’s stock worth $17,969,000 after purchasing an additional 6,422 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Buying and Selling

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $309.09, for a total transaction of $463,635.00. Following the transaction, the director now owns 48,051 shares of the company’s stock, valued at approximately $14,852,083.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total transaction of $165,216.00. Following the transaction, the senior vice president now owns 20,480 shares of the company’s stock, valued at approximately $5,639,372.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $309.09, for a total transaction of $463,635.00. Following the transaction, the director now directly owns 48,051 shares in the company, valued at approximately $14,852,083.59. The disclosure for this sale can be found here. Insiders have sold 62,834 shares of company stock valued at $18,989,549 in the last 90 days. Company insiders own 0.62% of the company’s stock.

Wall Street Analysts Forecast Growth

CDNS has been the topic of several research reports. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Monday, April 22nd. KeyCorp boosted their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Wells Fargo & Company boosted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. Bank of America boosted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research report on Friday, May 17th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $331.11.

Cadence Design Systems Trading Up 1.4 %

CDNS stock opened at $326.50 on Wednesday. The company has a market capitalization of $88.95 billion, a PE ratio of 85.03, a P/E/G ratio of 3.82 and a beta of 1.04. Cadence Design Systems, Inc. has a 12 month low of $217.77 and a 12 month high of $327.36. The firm’s 50-day moving average is $291.97 and its 200 day moving average is $291.23. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping the consensus estimate of $1.13 by $0.04. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The firm’s revenue was down 1.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.02 EPS. On average, research analysts anticipate that Cadence Design Systems, Inc. will post 4.77 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.