Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock Holdings Increased by Kayne Anderson Rudnick Investment Management LLC

Kayne Anderson Rudnick Investment Management LLC grew its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.2% in the fourth quarter, HoldingsChannel reports. The fund owned 160,811 shares of the software maker’s stock after buying an additional 13,580 shares during the period. Kayne Anderson Rudnick Investment Management LLC’s holdings in Cadence Design Systems were worth $48,317,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of CDNS. Mirabella Financial Services LLP acquired a new stake in Cadence Design Systems in the fourth quarter worth about $1,184,000. Mirova raised its position in shares of Cadence Design Systems by 90.0% during the 4th quarter. Mirova now owns 12,564 shares of the software maker’s stock worth $3,775,000 after buying an additional 5,951 shares in the last quarter. MML Investors Services LLC lifted its stake in shares of Cadence Design Systems by 3.7% in the 4th quarter. MML Investors Services LLC now owns 76,748 shares of the software maker’s stock worth $23,060,000 after acquiring an additional 2,770 shares during the period. MetLife Investment Management LLC boosted its holdings in shares of Cadence Design Systems by 1.2% in the fourth quarter. MetLife Investment Management LLC now owns 84,579 shares of the software maker’s stock valued at $25,413,000 after acquiring an additional 988 shares in the last quarter. Finally, Natixis increased its stake in shares of Cadence Design Systems by 345.3% during the fourth quarter. Natixis now owns 127,480 shares of the software maker’s stock valued at $38,303,000 after acquiring an additional 98,853 shares during the period. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $260.22 on Monday. The company has a 50-day moving average of $257.23 and a two-hundred day moving average of $282.25. The stock has a market cap of $71.38 billion, a price-to-earnings ratio of 67.41, a PEG ratio of 3.88 and a beta of 1.14. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. On average, equities research analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CDNS. Redburn Atlantic assumed coverage on Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 target price for the company. Rosenblatt Securities upped their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Oppenheimer lowered their target price on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a report on Wednesday, March 19th. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $325.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $320.67.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $292.32, for a total transaction of $190,008.00. Following the completion of the sale, the vice president now directly owns 58,773 shares in the company, valued at approximately $17,180,523.36. This trade represents a 1.09 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders sold a total of 1,950 shares of company stock valued at $518,499 over the last quarter. Company insiders own 0.37% 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.