Intelligence Driven Advisers LLC Takes $242,000 Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Intelligence Driven Advisers LLC acquired a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 840 shares of the software maker’s stock, valued at approximately $242,000.

Several other large investors have also modified their holdings of CDNS. OFI Invest Asset Management purchased a new position in shares of Cadence Design Systems in the third quarter valued at $26,000. Valley National Advisers Inc. increased its position in shares of 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 buying an additional 47 shares in the last quarter. Fortitude Family Office LLC purchased a new position in shares of Cadence Design Systems in the fourth quarter valued at $28,000. Rakuten Securities Inc. purchased a new position in shares of Cadence Design Systems in the fourth quarter valued at $45,000. Finally, Catalyst Capital Advisors LLC increased its position in shares of Cadence Design Systems by 34.7% in the third 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 in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Stock Up 0.6 %

NASDAQ:CDNS traded up $1.62 during trading hours on Thursday, hitting $276.17. 943,542 shares of the company’s stock traded hands, compared to its average volume of 1,576,460. The firm has a market cap of $75.15 billion, a P/E ratio of 71.61, a P/E/G ratio of 3.24 and a beta of 1.06. Cadence Design Systems, Inc. has a twelve month low of $198.92 and a twelve month high of $327.36. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32. The stock’s fifty day moving average price is $303.04 and its two-hundred day moving average price is $281.95.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.04. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm’s revenue was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.02 EPS. On average, research analysts expect that Cadence Design Systems, Inc. will post 4.78 earnings per share for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $308.83, for a total value of $463,245.00. Following the completion of the sale, the director now owns 50,183 shares in the company, valued at approximately $15,498,015.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the director now owns 50,183 shares in the company, valued at approximately $15,498,015.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Paul Cunningham sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $310.46, for a total value of $310,460.00. Following the transaction, the vice president now owns 68,144 shares of the company’s stock, valued at approximately $21,155,986.24. The disclosure for this sale can be found here. Insiders have sold 173,044 shares of company stock valued at $52,231,207 in the last 90 days. 1.99% of the stock is currently owned by insiders.

Analysts Set New Price Targets

CDNS has been the subject of a number of recent research reports. Piper Sandler dropped their price objective on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research report on Tuesday, April 23rd. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday. 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. Robert W. Baird raised 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. Finally, Wells Fargo & Company raised their price target on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $326.11.

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.