Sunbelt Securities Inc. Has $269,000 Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sunbelt Securities Inc. grew its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 18.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 865 shares of the software maker’s stock after buying an additional 136 shares during the period. Sunbelt Securities Inc.’s holdings in Cadence Design Systems were worth $269,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Norges Bank bought a new position in Cadence Design Systems during the 4th quarter worth $1,141,059,000. Nordea Investment Management AB increased its position in shares of Cadence Design Systems by 124.8% in the fourth quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock worth $515,995,000 after purchasing an additional 1,052,228 shares during the period. Wellington Management Group LLP raised its stake in Cadence Design Systems by 143.3% in the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after purchasing an additional 962,987 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in Cadence Design Systems by 261.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock worth $169,022,000 after purchasing an additional 448,918 shares during the period. Finally, Vanguard Group Inc. grew its stake in Cadence Design Systems by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 24,503,455 shares of the software maker’s stock worth $6,674,006,000 after buying an additional 384,637 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In other news, VP Chin-Chi Teng sold 32,184 shares of the stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $297.45, for a total value of $9,573,130.80. Following the completion of the sale, the vice president now owns 95,408 shares of the company’s stock, valued at $28,379,109.60. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $310.46, for a total value of $310,460.00. Following the completion of the transaction, the vice president now directly owns 68,144 shares of the company’s stock, valued at approximately $21,155,986.24. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Chin-Chi Teng sold 32,184 shares of the company’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $297.45, for a total value of $9,573,130.80. Following the sale, the vice president now owns 95,408 shares in the company, valued at approximately $28,379,109.60. The disclosure for this sale can be found here. Insiders sold 41,134 shares of company stock worth $12,232,169 over the last three months. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $307.92 on Friday. The business’s 50-day moving average price is $293.51 and its 200-day moving average price is $293.33. Cadence Design Systems, Inc. has a 12 month low of $217.77 and a 12 month high of $328.99. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $83.88 billion, a price-to-earnings ratio of 80.46, a PEG ratio of 3.81 and a beta of 1.04.

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

Analyst Ratings Changes

A number of analysts have recently weighed in on CDNS shares. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Robert W. Baird raised their target price on Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a report on Thursday, April 18th. Needham & Company LLC reissued a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a report on Friday, May 17th. Wells Fargo & Company upped their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. Finally, Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research report on Monday, April 22nd. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $332.78.

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.