Arjuna Capital Buys 3,720 Shares of Cadence Design Systems, Inc. $CDNS

Arjuna Capital raised its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 404.8% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,639 shares of the software maker’s stock after buying an additional 3,720 shares during the quarter. Arjuna Capital’s holdings in Cadence Design Systems were worth $1,629,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Tiemann Investment Advisors LLC increased its holdings in Cadence Design Systems by 2.9% during the 2nd quarter. Tiemann Investment Advisors LLC now owns 1,050 shares of the software maker’s stock worth $324,000 after acquiring an additional 30 shares during the period. Occidental Asset Management LLC grew its position in shares of Cadence Design Systems by 2.3% during the 3rd quarter. Occidental Asset Management LLC now owns 1,321 shares of the software maker’s stock valued at $464,000 after purchasing an additional 30 shares in the last quarter. Whittier Trust Co. grew its position in shares of Cadence Design Systems by 0.4% during the 3rd quarter. Whittier Trust Co. now owns 7,072 shares of the software maker’s stock valued at $2,456,000 after purchasing an additional 30 shares in the last quarter. Petros Family Wealth LLC increased its holdings in shares of Cadence Design Systems by 2.6% in the second quarter. Petros Family Wealth LLC now owns 1,277 shares of the software maker’s stock worth $394,000 after purchasing an additional 32 shares during the period. Finally, Hemington Wealth Management raised its position in shares of Cadence Design Systems by 14.0% in the second quarter. Hemington Wealth Management now owns 261 shares of the software maker’s stock worth $80,000 after buying an additional 32 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Stock Down 2.1%

Shares of CDNS opened at $296.36 on Monday. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $376.45. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.05 and a quick ratio of 2.84. The stock has a 50 day simple moving average of $317.89 and a two-hundred day simple moving average of $333.15. The firm has a market cap of $80.67 billion, a P/E ratio of 76.38, a P/E/G ratio of 3.31 and a beta of 1.01.

Analyst Ratings Changes

Several research firms recently commented on CDNS. Wells Fargo & Company boosted their target price on Cadence Design Systems from $405.00 to $410.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 28th. Needham & Company LLC reiterated a “buy” rating and set a $390.00 price target on shares of Cadence Design Systems in a research report on Monday, December 22nd. Rosenblatt Securities boosted their price objective on Cadence Design Systems from $320.00 to $335.00 and gave the stock a “neutral” rating in a report on Tuesday, October 28th. Citigroup assumed coverage on shares of Cadence Design Systems in a research note on Monday, November 24th. They issued a “buy” rating and a $385.00 target price on the stock. Finally, Wolfe Research reissued an “outperform” rating and issued a $385.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 28th. Thirteen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $379.59.

Insiders Place Their Bets

In other news, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $337.48, for a total value of $60,746.40. Following the transaction, the director owned 7,650 shares in the company, valued at approximately $2,581,722. The trade was a 2.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Anirudh Devgan sold 20,000 shares of Cadence Design Systems stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $340.00, for a total value of $6,800,000.00. Following the completion of the transaction, the chief executive officer directly owned 195,844 shares in the company, valued at $66,586,960. This trade represents a 9.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 61,025 shares of company stock valued at $20,029,686 over the last three months. 0.37% of the stock is currently owned by company insiders.

About Cadence Design Systems

Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.