3,430 Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS) Bought by Miracle Mile Advisors LLC

Miracle Mile Advisors LLC bought a new position in Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report) during the fourth quarter, HoldingsChannel reports. The firm bought 3,430 shares of the software maker’s stock, valued at approximately $934,000.

Other large investors also recently modified their holdings of the company. OFI Invest Asset Management bought a new position in shares of Cadence Design Systems in the 3rd quarter worth $26,000. VisionPoint Advisory Group LLC bought a new position in Cadence Design Systems during the 2nd quarter valued at $27,000. Fortitude Family Office LLC bought a new position in Cadence Design Systems during the 4th quarter valued at $28,000. Atlas Capital Advisors LLC lifted its stake in Cadence Design Systems by 322.6% during the 2nd quarter. Atlas Capital Advisors LLC now owns 131 shares of the software maker’s stock valued at $31,000 after acquiring an additional 100 shares in the last quarter. Finally, Zions Bancorporation N.A. lifted its stake in Cadence Design Systems by 108.3% during the 1st quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock valued at $37,000 after acquiring an additional 117 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Trading Up 0.3 %

NASDAQ CDNS opened at $312.13 on Tuesday. The stock has a market capitalization of $85.09 billion, a price-to-earnings ratio of 81.71, a PEG ratio of 3.79 and a beta of 1.04. Cadence Design Systems, Inc. has a one year low of $194.01 and a one year high of $327.36. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13. The business’s fifty day moving average is $303.39 and its 200-day moving average is $273.01.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) last announced its quarterly earnings data on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.05. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The company had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same quarter last year, the firm posted $0.75 EPS. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. Equities research analysts predict that Cadence Design Systems, Inc. will post 4.81 EPS for the current year.

Analysts Set New Price Targets

CDNS has been the topic of several recent analyst reports. Robert W. Baird raised their price objective on Cadence Design Systems from $289.00 to $302.00 and gave the company an “outperform” rating in a research note on Tuesday, February 13th. Morgan Stanley upgraded Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $260.00 to $350.00 in a research note on Wednesday, February 14th. Wells Fargo & Company raised their price objective on Cadence Design Systems from $310.00 to $330.00 and gave the company an “overweight” rating in a research note on Tuesday, February 6th. Needham & Company LLC restated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, March 6th. Finally, Stifel Nicolaus lifted their target price on Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, February 13th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $311.33.

View Our Latest Stock Analysis on CDNS

Insider Buying and Selling

In related news, VP Aneel Zaman sold 1,207 shares of Cadence Design Systems stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $366,807.30. Following the completion of the sale, the vice president now owns 61,150 shares of the company’s stock, valued at approximately $18,583,485. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Cadence Design Systems news, VP Aneel Zaman sold 1,207 shares of Cadence Design Systems stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $366,807.30. Following the completion of the transaction, the vice president now owns 61,150 shares of the company’s stock, valued at approximately $18,583,485. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Anirudh Devgan sold 1,454 shares of Cadence Design Systems stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $441,870.60. Following the transaction, the chief executive officer now directly owns 136,455 shares of the company’s stock, valued at approximately $41,468,674.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 200,244 shares of company stock valued at $58,930,611. 0.62% of the stock is owned by insiders.

Cadence Design Systems Company Profile

(Free Report)

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.

See Also

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

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