Simon Quick Advisors LLC Has $371,000 Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Simon Quick Advisors LLC raised its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 11.9% during the fourth quarter, Holdings Channel reports. The firm owned 1,234 shares of the software maker’s stock after buying an additional 131 shares during the period. Simon Quick Advisors LLC’s holdings in Cadence Design Systems were worth $371,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Public Sector Pension Investment Board lifted its holdings in Cadence Design Systems by 72.4% during the 2nd quarter. Public Sector Pension Investment Board now owns 10,398 shares of the software maker’s stock valued at $3,200,000 after purchasing an additional 4,366 shares during the last quarter. Insigneo Advisory Services LLC bought a new position in shares of Cadence Design Systems in the second quarter valued at approximately $518,000. Alpha DNA Investment Management LLC boosted its holdings in shares of Cadence Design Systems by 29.1% in the 2nd quarter. Alpha DNA Investment Management LLC now owns 1,535 shares of the software maker’s stock worth $472,000 after acquiring an additional 346 shares in the last quarter. APG Asset Management US Inc. grew its stake in Cadence Design Systems by 2.2% in the second quarter. APG Asset Management US Inc. now owns 84,992 shares of the software maker’s stock valued at $26,426,000 after acquiring an additional 1,806 shares during the period. Finally, APG Asset Management N.V. increased its holdings in shares of Cadence Design Systems by 61.7% in the second quarter. APG Asset Management N.V. now owns 337,358 shares of the software maker’s stock worth $96,871,000 after acquiring an additional 128,769 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CDNS has been the subject of several research analyst reports. Loop Capital initiated coverage on Cadence Design Systems in a research report on Monday, November 11th. They issued a “buy” rating and a $360.00 price objective for the company. Redburn Atlantic began coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 price objective for the company. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Robert W. Baird increased their target price on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Finally, Wells Fargo & Company assumed coverage on Cadence Design Systems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $329.50.

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $324.52 on Friday. The stock has a market capitalization of $89.00 billion, a PE ratio of 85.18, a P/E/G ratio of 3.58 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. The firm has a fifty day simple moving average of $305.09 and a 200 day simple moving average of $285.05. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating 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 company’s quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.01 EPS. On average, research analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $276.00, for a total value of $179,400.00. Following the transaction, the vice president now directly owns 61,111 shares in the company, valued at $16,866,636. The trade was a 1.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock worth $33,528,267 over the last 90 days. Company 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.