809 Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS) Bought by Western Wealth Management LLC

Western Wealth Management LLC bought a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the fourth quarter, according to the company in its most recent filing with the SEC. The firm bought 809 shares of the software maker’s stock, valued at approximately $220,000.

A number of other large investors also recently added to or reduced their stakes in the business. Jennison Associates LLC raised its position in Cadence Design Systems by 8.7% in the 3rd quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock worth $1,651,166,000 after purchasing an additional 564,085 shares during the period. Northern Trust Corp increased its position in shares of Cadence Design Systems by 5.6% in the third quarter. Northern Trust Corp now owns 2,995,849 shares of the software maker’s stock valued at $701,927,000 after acquiring an additional 158,031 shares during the period. Invesco Ltd. increased its position in shares of Cadence Design Systems by 4.9% in the third quarter. Invesco Ltd. now owns 2,012,292 shares of the software maker’s stock valued at $471,480,000 after acquiring an additional 93,984 shares during the period. Nordea Investment Management AB increased its position 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 during the period. Finally, Wellington Management Group LLP boosted its stake in shares of Cadence Design Systems by 143.3% during the 3rd quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after purchasing an additional 962,987 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on CDNS. Needham & Company LLC reissued a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research note on Friday. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, April 16th. Stifel Nicolaus boosted their price objective on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, February 13th. Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $260.00 to $350.00 in a research note on Wednesday, February 14th. Finally, Piper Sandler initiated coverage on shares of Cadence Design Systems in a research note on Thursday, April 4th. They issued a “neutral” rating and a $334.00 target price on the stock. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $318.10.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 4,500 shares of the company’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $300.00, for a total transaction of $1,350,000.00. Following the completion of the sale, the director now directly owns 54,683 shares of the company’s stock, valued at $16,404,900. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 4,500 shares of the company’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $300.00, for a total transaction of $1,350,000.00. Following the completion of the sale, the director now directly owns 54,683 shares of the company’s stock, valued at $16,404,900. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director James D. Plummer sold 2,412 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $315.40, for a total transaction of $760,744.80. Following the sale, the director now directly owns 22,923 shares of the company’s stock, valued at $7,229,914.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 177,544 shares of company stock valued at $53,581,207. Insiders own 0.62% of the company’s stock.

Cadence Design Systems Stock Up 1.7 %

CDNS opened at $285.02 on Tuesday. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09. The firm has a 50 day moving average price of $305.09 and a 200-day moving average price of $280.73. Cadence Design Systems, Inc. has a twelve month low of $194.01 and a twelve month high of $327.36. The stock has a market capitalization of $77.59 billion, a price-to-earnings ratio of 74.61, a PEG ratio of 3.41 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The firm had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same period in the previous year, the company earned $1.02 earnings per share. The firm’s quarterly revenue was down 1.2% on a year-over-year basis. Equities research analysts forecast that Cadence Design Systems, Inc. will post 4.81 earnings per share for the current year.

Cadence Design Systems Company 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.