Procyon Advisors LLC Has $532,000 Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Procyon Advisors LLC increased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,770 shares of the software maker’s stock after acquiring an additional 115 shares during the quarter. Procyon Advisors LLC’s holdings in Cadence Design Systems were worth $532,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. State Street Corp grew its holdings in shares of Cadence Design Systems by 0.5% during the 3rd quarter. State Street Corp now owns 11,922,747 shares of the software maker’s stock valued at $3,231,422,000 after acquiring an additional 60,490 shares in the last quarter. Jennison Associates LLC grew its position in Cadence Design Systems by 2.7% in the third quarter. Jennison Associates LLC now owns 7,606,175 shares of the software maker’s stock worth $2,061,502,000 after acquiring an additional 198,230 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Cadence Design Systems by 0.9% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,988,851 shares of the software maker’s stock worth $1,081,098,000 after purchasing an additional 37,452 shares during the last quarter. Nordea Investment Management AB raised its holdings in shares of Cadence Design Systems by 6.5% during the 4th quarter. Nordea Investment Management AB now owns 2,933,392 shares of the software maker’s stock valued at $885,356,000 after purchasing an additional 178,212 shares in the last quarter. Finally, Van ECK Associates Corp lifted its stake in shares of Cadence Design Systems by 26.1% in the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock valued at $689,472,000 after purchasing an additional 572,251 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Mizuho boosted their price target on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Oppenheimer started coverage on Cadence Design Systems in a report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price for the company. Needham & Company LLC lowered their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Robert W. Baird boosted their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Finally, Berenberg Bank started coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus target price of $329.50.

Cadence Design Systems Stock Performance

CDNS opened at $305.60 on Friday. The stock’s 50 day simple moving average is $304.43 and its 200-day simple moving average is $285.15. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The stock has a market cap of $83.81 billion, a PE ratio of 80.21, a P/E/G ratio of 3.44 and a beta of 1.04. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period last year, the firm earned $1.01 EPS. Sell-side analysts forecast that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Insider Activity

In related news, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at $17,320,940. The trade was a 62.51 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $306.19, for a total value of $199,023.50. Following the transaction, the vice president now owns 60,461 shares of the company’s stock, valued at $18,512,553.59. This represents a 1.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 108,416 shares of company stock worth $33,528,267. Company insiders own 0.62% of the company’s stock.

About Cadence Design Systems

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.