DDD Partners LLC Acquires New Position in Cadence Design Systems, Inc. $CDNS

DDD Partners LLC bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund bought 32,944 shares of the software maker’s stock, valued at approximately $11,572,000.

Several other hedge funds have also modified their holdings of the business. Tiemann Investment Advisors LLC raised its position in Cadence Design Systems by 2.9% in the second 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 in the last quarter. Occidental Asset Management LLC grew its stake 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 worth $464,000 after purchasing an additional 30 shares during the period. Whittier Trust Co. grew its stake 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 worth $2,456,000 after purchasing an additional 30 shares during the period. Cornerstone Wealth Group LLC increased its holdings in shares of Cadence Design Systems by 4.3% in the 3rd quarter. Cornerstone Wealth Group LLC now owns 777 shares of the software maker’s stock valued at $273,000 after purchasing an additional 32 shares in the last quarter. Finally, KRS Capital Management LLC lifted its stake in shares of Cadence Design Systems by 1.4% in the third quarter. KRS Capital Management LLC now owns 2,425 shares of the software maker’s stock valued at $852,000 after purchasing an additional 33 shares during the period. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $299.46 on Friday. 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 business’s fifty day moving average price is $311.67 and its two-hundred day moving average price is $330.40. The stock has a market cap of $81.51 billion, a PE ratio of 77.18, a price-to-earnings-growth ratio of 3.21 and a beta of 1.01. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $376.45.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on CDNS shares. Oppenheimer raised shares of Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 target price for the company in a report on Monday, December 1st. KeyCorp restated an “overweight” rating and issued a $405.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 28th. Citigroup started coverage on Cadence Design Systems in a research note on Monday, November 24th. They issued a “buy” rating and a $385.00 price objective for the company. 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, JPMorgan Chase & Co. upped their target price on Cadence Design Systems from $390.00 to $405.00 and gave the company an “overweight” rating in a report on Tuesday, October 28th. Thirteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $379.59.

Insider Activity

In related news, CEO Anirudh Devgan sold 20,000 shares of the business’s stock in a transaction dated Friday, December 5th. The shares were 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 owned 195,844 shares of the company’s stock, valued at approximately $66,586,960. The trade was a 9.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Paul Scannell sold 5,490 shares of the firm’s stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $339.43, for a total transaction of $1,863,470.70. Following the sale, the vice president directly owned 20,321 shares in the company, valued at $6,897,557.03. This represents a 21.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 56,475 shares of company stock worth $18,505,486 in the last quarter. Corporate insiders own 1.99% of the company’s stock.

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.