Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by McGlone Suttner Wealth Management Inc.

McGlone Suttner Wealth Management Inc. lifted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.4% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 1,152 shares of the software maker’s stock after purchasing an additional 59 shares during the quarter. McGlone Suttner Wealth Management Inc.’s holdings in Cadence Design Systems were worth $314,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in CDNS. Norges Bank acquired a new stake in shares of Cadence Design Systems during the fourth quarter worth $770,945,000. Alliancebernstein L.P. lifted its stake in shares of Cadence Design Systems by 620.0% during the fourth quarter. Alliancebernstein L.P. now owns 2,954,303 shares of the software maker’s stock worth $474,579,000 after buying an additional 2,543,966 shares during the period. Moneta Group Investment Advisors LLC acquired a new stake in shares of Cadence Design Systems during the fourth quarter worth $227,854,000. Nordea Investment Management AB lifted its stake in shares of Cadence Design Systems by 124.8% during the fourth quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock worth $515,995,000 after buying an additional 1,052,228 shares during the period. Finally, Wellington Management Group LLP lifted its stake in shares of Cadence Design Systems by 143.3% during the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock worth $383,062,000 after buying an additional 962,987 shares during the period. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Price Performance

Shares of CDNS stock traded down $0.06 on Thursday, reaching $311.28. 1,330,657 shares of the company were exchanged, compared to its average volume of 1,545,101. The company has a market cap of $84.85 billion, a price-to-earnings ratio of 81.49, a P/E/G ratio of 3.85 and a beta of 1.04. The business has a 50-day moving average price of $302.36 and a 200 day moving average price of $271.79. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24. Cadence Design Systems, Inc. has a 1 year low of $194.01 and a 1 year high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, February 12th. The software maker reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.05. The business had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.06 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The company’s quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.75 earnings per share. Equities research analysts forecast that Cadence Design Systems, Inc. will post 4.81 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. KeyCorp boosted their target price on shares of Cadence Design Systems from $325.00 to $335.00 and gave the company an “overweight” rating in a research report on Tuesday, February 13th. Rosenblatt Securities downgraded shares of Cadence Design Systems from a “buy” rating to a “neutral” rating and boosted their target price for the company from $265.00 to $280.00 in a research report on Tuesday, February 13th. StockNews.com upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Tuesday, March 12th. Needham & Company LLC restated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research report on Wednesday, March 6th. Finally, Robert W. Baird lifted their price objective on shares of Cadence Design Systems from $289.00 to $302.00 and gave the company an “outperform” rating in a report on Tuesday, February 13th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average target price of $311.33.

Insider Activity at Cadence Design Systems

In related news, VP Aneel Zaman sold 1,207 shares of the company’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction 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 filing with the SEC, which can be accessed through this hyperlink. In related news, VP Aneel Zaman sold 1,207 shares of the company’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction 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 filing with the SEC, which can be accessed through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 11,500 shares of the company’s stock in a transaction dated Friday, January 12th. The shares were sold at an average price of $267.67, for a total transaction of $3,078,205.00. Following the sale, the director now directly owns 59,183 shares of the company’s stock, valued at approximately $15,841,513.61. The disclosure for this sale can be found here. In the last quarter, insiders sold 200,244 shares of company stock valued at $58,930,611. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems 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.