Everpar Advisors LLC Makes New Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Everpar Advisors LLC purchased a new stake 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 purchased 1,164 shares of the software maker’s stock, valued at approximately $317,000.

A number of other hedge funds also recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. boosted its holdings in shares of Cadence Design Systems by 3.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,512,624 shares of the software maker’s stock valued at $411,993,000 after purchasing an additional 45,319 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at $214,000. Maryland State Retirement & Pension System boosted its holdings in shares of Cadence Design Systems by 1.9% in the 4th quarter. Maryland State Retirement & Pension System now owns 21,042 shares of the software maker’s stock valued at $5,731,000 after purchasing an additional 394 shares during the last quarter. Private Advisor Group LLC boosted its holdings in shares of Cadence Design Systems by 19.2% in the 4th quarter. Private Advisor Group LLC now owns 5,474 shares of the software maker’s stock valued at $1,491,000 after purchasing an additional 881 shares during the last quarter. Finally, Spire Wealth Management lifted its holdings in shares of Cadence Design Systems by 15.4% during the 4th quarter. Spire Wealth Management now owns 28,412 shares of the software maker’s stock valued at $8,299,000 after acquiring an additional 3,790 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS traded down $1.47 on Wednesday, reaching $282.57. 1,236,974 shares of the company’s stock were exchanged, compared to its average volume of 1,566,338. The firm has a market capitalization of $76.90 billion, a price-to-earnings ratio of 73.59, a PEG ratio of 3.32 and a beta of 1.06. Cadence Design Systems, Inc. has a fifty-two week low of $198.92 and a fifty-two week high of $327.36. The business’s 50-day moving average is $301.33 and its two-hundred day moving average is $283.20. 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:CDNS) last announced its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $1 billion. During the same period in the prior year, the firm earned $1.02 EPS. The business’s quarterly revenue was down 1.2% on a year-over-year basis. As a group, equities research analysts forecast that Cadence Design Systems, Inc. will post 4.78 EPS for the current year.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. KeyCorp lifted their target price on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Needham & Company LLC restated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a report on Friday, April 19th. Morgan Stanley upgraded shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $260.00 to $350.00 in a report on Wednesday, February 14th. 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 report on Tuesday, February 13th. Finally, Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Monday, April 22nd. 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 stock has a consensus rating of “Moderate Buy” and an average price target of $326.11.

Insider Activity

In related news, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $296.98, for a total value of $19,383,290.64. Following the sale, the vice president now owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction on 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 transaction, the vice president now owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Aneel Zaman sold 1,207 shares of Cadence Design Systems 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 sale, the vice president now owns 61,150 shares in the company, valued at $18,583,485. The disclosure for this sale can be found here. Over the last quarter, insiders sold 173,066 shares of company stock valued at $52,199,975. 0.62% of the stock is currently owned by company insiders.

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.