Norden Group LLC Purchases New Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Norden Group LLC purchased a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 756 shares of the software maker’s stock, valued at approximately $206,000.

Several other institutional investors and hedge funds have also made changes to their positions in CDNS. Parkside Financial Bank & Trust grew its stake in Cadence Design Systems by 8.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker’s stock worth $140,000 after buying an additional 38 shares during the last quarter. Highview Capital Management LLC DE grew its stake in Cadence Design Systems by 0.8% during the 4th quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock worth $1,411,000 after buying an additional 39 shares during the last quarter. BSW Wealth Partners grew its stake in Cadence Design Systems by 2.8% during the 4th quarter. BSW Wealth Partners now owns 1,624 shares of the software maker’s stock worth $442,000 after buying an additional 44 shares during the last quarter. Lindbrook Capital LLC grew its stake in Cadence Design Systems by 2.5% during the 3rd quarter. Lindbrook Capital LLC now owns 1,844 shares of the software maker’s stock worth $432,000 after buying an additional 45 shares during the last quarter. Finally, Savant Capital LLC grew its stake in shares of Cadence Design Systems by 2.7% in the third quarter. Savant Capital LLC now owns 1,733 shares of the software maker’s stock worth $406,000 after purchasing an additional 45 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CDNS. Piper Sandler decreased their price target on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research note on Tuesday, April 23rd. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Monday, April 22nd. Robert W. Baird increased their price target on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research note on Thursday, April 18th. Needham & Company LLC reissued a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research note on Friday, April 19th. Finally, Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $260.00 to $350.00 in a research note on Wednesday, February 14th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $326.11.

Get Our Latest Analysis on Cadence Design Systems

Cadence Design Systems Trading Up 0.7 %

Shares of CDNS stock opened at $276.44 on Friday. The stock has a 50-day simple moving average of $302.46 and a 200 day simple moving average of $281.91. Cadence Design Systems, Inc. has a fifty-two week low of $198.92 and a fifty-two week high of $327.36. The stock has a market capitalization of $75.23 billion, a P/E ratio of 71.99, a P/E/G ratio of 3.24 and a beta of 1.06. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) last announced its earnings results 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 return on equity of 32.44% and a net margin of 25.68%. The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same quarter last year, the business posted $1.02 earnings per share. The company’s quarterly revenue was down 1.2% on a year-over-year basis. On average, sell-side analysts expect that Cadence Design Systems, Inc. will post 4.78 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total transaction of $449,130.00. Following the completion of the sale, the director now directly owns 53,183 shares of the company’s stock, valued at $15,924,053.86. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total transaction of $449,130.00. Following the completion of the sale, the director now directly owns 53,183 shares of the company’s stock, valued at $15,924,053.86. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the sale, the vice president now directly owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The disclosure for this sale can be found here. Insiders sold a total of 172,966 shares of company stock valued at $52,208,529 over the last three months. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Profile

(Free Report)

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.

Further Reading

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

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