McGlone Suttner Wealth Management Inc. Buys 59 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

McGlone Suttner Wealth Management Inc. grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm 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 (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in CDNS. Norges Bank bought a new stake in Cadence Design Systems during the 4th quarter worth approximately $770,945,000. Alliancebernstein L.P. grew its holdings in shares of Cadence Design Systems by 620.0% in the fourth quarter. Alliancebernstein L.P. now owns 2,954,303 shares of the software maker’s stock valued at $474,579,000 after acquiring an additional 2,543,966 shares in the last quarter. Moneta Group Investment Advisors LLC bought a new position in shares of Cadence Design Systems in the fourth quarter valued at approximately $227,854,000. Nordea Investment Management AB grew its holdings in shares of Cadence Design Systems by 124.8% in the fourth quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after acquiring an additional 1,052,228 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of Cadence Design Systems by 143.3% in the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after acquiring an additional 962,987 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, VP Aneel Zaman sold 1,207 shares of the stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $366,807.30. Following the sale, the vice president now owns 61,150 shares in the company, valued at $18,583,485. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, VP Aneel Zaman sold 1,207 shares of the stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $366,807.30. Following the sale, the vice president now owns 61,150 shares in the company, valued at $18,583,485. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Vincentelli Albert Sangiovanni sold 11,500 shares of the stock in a transaction on Friday, January 12th. The stock was sold at an average price of $267.67, for a total value of $3,078,205.00. Following the completion of the sale, the director now owns 59,183 shares in the company, valued at approximately $15,841,513.61. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 200,244 shares of company stock worth $58,930,611. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS traded down $0.06 during trading on Thursday, hitting $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 PE ratio of 81.49, a P/E/G ratio of 3.85 and a beta of 1.04. The stock has a 50 day moving average of $302.36 and a 200 day moving average of $271.79. Cadence Design Systems, Inc. has a 52-week low of $194.01 and a 52-week high of $327.36. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13.

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

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CDNS. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a report on Wednesday, March 6th. KeyCorp upped their target price on Cadence Design Systems from $325.00 to $335.00 and gave the company an “overweight” rating in a report on Tuesday, February 13th. Stifel Nicolaus upped their target price on Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, February 13th. StockNews.com raised Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Tuesday, March 12th. Finally, Rosenblatt Securities lowered Cadence Design Systems from a “buy” rating to a “neutral” rating and increased their price objective for the company from $265.00 to $280.00 in a report on Tuesday, February 13th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $311.33.

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.