VCI Wealth Management LLC Purchases Shares of 854 Cadence Design Systems, Inc. (NASDAQ:CDNS)

VCI Wealth Management LLC bought a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 4th quarter, HoldingsChannel.com reports. The firm bought 854 shares of the software maker’s stock, valued at approximately $233,000.

Other large investors also recently added to or reduced their stakes in the company. OFI Invest Asset Management bought a new stake in shares of Cadence Design Systems in the third quarter valued at about $26,000. Valley National Advisers Inc. boosted its stake in Cadence Design Systems by 90.4% in the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after acquiring an additional 47 shares during the last quarter. Fortitude Family Office LLC bought a new position in shares of Cadence Design Systems during the fourth quarter worth $28,000. Rakuten Securities Inc. bought a new position in shares of Cadence Design Systems during the fourth quarter worth $45,000. Finally, Catalyst Capital Advisors LLC increased its stake in Cadence Design Systems by 34.7% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker’s stock valued at $47,000 after buying an additional 52 shares during the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Stock Up 1.9 %

CDNS stock traded up $5.33 during trading on Friday, hitting $282.41. 2,131,791 shares of the stock traded hands, compared to its average volume of 1,579,181. The firm’s 50 day moving average is $304.01 and its two-hundred day moving average is $280.94. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.13. The stock has a market cap of $76.88 billion, a price-to-earnings ratio of 72.16, a price-to-earnings-growth ratio of 3.26 and a beta of 1.04. Cadence Design Systems, Inc. has a 1 year low of $198.92 and a 1 year high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last released 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 company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. During the same period in the previous year, the business earned $1.02 earnings per share. Cadence Design Systems’s quarterly revenue was down 1.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 4.79 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Stifel Nicolaus boosted their price objective on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, February 13th. Robert W. Baird upped their price objective on shares of Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research note on Thursday, April 18th. Wells Fargo & Company increased their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a report on Friday, April 19th. Finally, StockNews.com raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Wednesday. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $316.50.

Insiders Place Their Bets

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $308.83, for a total transaction of $463,245.00. Following the transaction, the director now directly owns 50,183 shares of the company’s stock, valued at $15,498,015.89. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $308.83, for a total value of $463,245.00. Following the sale, the director now directly owns 50,183 shares of the company’s stock, valued at $15,498,015.89. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Aneel Zaman sold 1,207 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $366,807.30. Following the completion of the transaction, the vice president now directly owns 61,150 shares in the company, valued at $18,583,485. The disclosure for this sale can be found here. Insiders sold a total of 173,044 shares of company stock worth $52,231,207 over the last 90 days. Company insiders own 1.99% of the company’s stock.

About Cadence Design Systems

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.