Wealthfront Inc. Invests $433,000 in Cadence Design Systems Inc (CDNS) Stock

Wealthfront Inc. bought a new position in Cadence Design Systems Inc (NASDAQ:CDNS) in the fourth quarter, Holdings Channel reports. The institutional investor bought 10,364 shares of the software maker’s stock, valued at approximately $433,000.

Other institutional investors have also recently made changes to their positions in the company. Cerebellum GP LLC purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth about $123,000. Advisor Group Inc. grew its stake in shares of Cadence Design Systems by 151.4% during the third quarter. Advisor Group Inc. now owns 4,160 shares of the software maker’s stock worth $165,000 after acquiring an additional 2,505 shares during the last quarter. Dupont Capital Management Corp purchased a new stake in shares of Cadence Design Systems during the third quarter worth about $170,000. Parkwood LLC purchased a new stake in shares of Cadence Design Systems during the third quarter worth about $201,000. Finally, Coldstream Capital Management Inc. purchased a new stake in shares of Cadence Design Systems during the third quarter worth about $207,000. Institutional investors and hedge funds own 83.42% of the company’s stock.

In related news, President Anirudh Devgan sold 44,526 shares of the company’s stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $45.01, for a total value of $2,004,115.26. Following the sale, the president now owns 377,019 shares in the company, valued at $16,969,625.19. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP James J. Cowie sold 35,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 5th. The shares were sold at an average price of $42.75, for a total value of $1,496,250.00. Following the completion of the sale, the vice president now owns 117,082 shares in the company, valued at approximately $5,005,255.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 256,776 shares of company stock worth $11,313,793. 2.55% of the stock is owned by insiders.

A number of equities research analysts have recently weighed in on the company. BidaskClub lowered Cadence Design Systems from a “hold” rating to a “sell” rating in a research note on Wednesday, February 7th. Zacks Investment Research lowered Cadence Design Systems from a “hold” rating to a “strong sell” rating in a research note on Monday, February 5th. Credit Suisse Group reiterated a “neutral” rating and issued a $43.00 target price (up previously from $37.00) on shares of Cadence Design Systems in a research report on Thursday, February 1st. KeyCorp reiterated a “hold” rating on shares of Cadence Design Systems in a research report on Sunday, November 26th. Finally, DA Davidson upped their target price on Cadence Design Systems to $43.00 and gave the company a “neutral” rating in a research report on Monday, October 30th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $44.20.

Shares of Cadence Design Systems Inc (NASDAQ CDNS) opened at $38.80 on Friday. The company has a market capitalization of $11,105.44, a P/E ratio of 36.35, a P/E/G ratio of 3.83 and a beta of 0.97. Cadence Design Systems Inc has a 52-week low of $30.35 and a 52-week high of $46.00. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.53 and a quick ratio of 1.47.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Wednesday, January 31st. The software maker reported $0.39 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.39. The firm had revenue of $501.70 million for the quarter, compared to analyst estimates of $496.20 million. Cadence Design Systems had a return on equity of 31.28% and a net margin of 10.50%. Cadence Design Systems’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.34 earnings per share. equities analysts expect that Cadence Design Systems Inc will post 0.85 EPS for the current year.

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Cadence Design Systems Profile

Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).

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Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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