Wealthfront Advisers LLC Raises Stock Holdings in Cadence Design Systems, Inc. $CDNS

Wealthfront Advisers LLC lifted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 28,259 shares of the software maker’s stock after acquiring an additional 1,757 shares during the quarter. Wealthfront Advisers LLC’s holdings in Cadence Design Systems were worth $9,926,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CDNS. Strategic Wealth Investment Group LLC bought a new stake in shares of Cadence Design Systems in the second quarter worth $32,000. Promus Capital LLC purchased a new position in shares of Cadence Design Systems during the 2nd quarter valued at $33,000. Robbins Farley purchased a new position in shares of Cadence Design Systems in the third quarter valued at about $35,000. Cloud Capital Management LLC purchased a new position in Cadence Design Systems in the 3rd quarter worth approximately $35,000. Finally, Heartwood Wealth Advisors LLC bought a new stake in shares of Cadence Design Systems during the third quarter valued at approximately $39,000. Institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on CDNS shares. KeyCorp reaffirmed an “overweight” rating and set a $405.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 28th. Wells Fargo & Company increased their price objective on shares of Cadence Design Systems from $405.00 to $410.00 and gave the company an “overweight” rating in a report on Tuesday, October 28th. Oppenheimer upgraded Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 price objective for the company in a research report on Monday, December 1st. Rosenblatt Securities boosted their target price on Cadence Design Systems from $320.00 to $335.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 28th. Finally, Wolfe Research restated an “outperform” rating and set a $385.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 28th. Thirteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $379.59.

Cadence Design Systems Trading Up 0.2%

CDNS opened at $299.65 on Thursday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.84 and a current ratio of 3.05. The stock’s 50 day moving average price is $313.41 and its 200-day moving average price is $330.94. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $376.45. The stock has a market cap of $81.56 billion, a price-to-earnings ratio of 77.23, a P/E/G ratio of 3.33 and a beta of 1.01.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $295.09, for a total value of $295,090.00. Following the completion of the sale, the vice president directly owned 95,137 shares of the company’s stock, valued at $28,073,977.33. This represents a 1.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John M. Wall sold 27,805 shares of the stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $318.57, for a total transaction of $8,857,838.85. Following the transaction, the chief financial officer owned 69,957 shares in the company, valued at approximately $22,286,201.49. The trade was a 28.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 56,475 shares of company stock valued at $18,505,486 over the last 90 days. 1.99% of the stock is owned by 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.