Montag A & Associates Inc. Acquires 833 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Montag A & Associates Inc. lifted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 20.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,984 shares of the software maker’s stock after purchasing an additional 833 shares during the period. Montag A & Associates Inc.’s holdings in Cadence Design Systems were worth $1,357,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Valley National Advisers Inc. grew its holdings in shares of Cadence Design Systems by 90.4% during the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after purchasing an additional 47 shares in the last quarter. Fortitude Family Office LLC purchased a new position in shares of Cadence Design Systems during the fourth quarter worth about $28,000. OFI Invest Asset Management purchased a new position in shares of Cadence Design Systems during the third quarter worth about $26,000. Rakuten Securities Inc. bought a new stake in Cadence Design Systems in the 4th quarter worth approximately $45,000. Finally, Catalyst Capital Advisors LLC lifted its position 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 worth $47,000 after buying an additional 52 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Stock Up 1.0 %

CDNS stock traded up $2.71 during midday trading on Thursday, hitting $285.28. The stock had a trading volume of 1,001,204 shares, compared to its average volume of 1,560,060. Cadence Design Systems, Inc. has a 52-week low of $198.92 and a 52-week high of $327.36. The firm has a market cap of $77.63 billion, a price-to-earnings ratio of 74.29, a price-to-earnings-growth ratio of 3.32 and a beta of 1.06. The business has a 50-day moving average of $300.59 and a two-hundred day moving average of $283.21. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, April 22nd. The software maker reported $1.17 EPS 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 firm 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 posted $1.02 earnings per share. The company’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 earnings per share for the current fiscal year.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $275,360.00. Following the transaction, the vice president now directly owns 67,144 shares of the company’s stock, valued at $18,488,771.84. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $165,216.00. Following the transaction, the senior vice president now owns 20,480 shares of the company’s stock, valued at $5,639,372.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $275,360.00. Following the completion of the transaction, the vice president now directly owns 67,144 shares in the company, valued at approximately $18,488,771.84. The disclosure for this sale can be found here. Over the last three months, insiders have sold 173,066 shares of company stock valued at $52,199,975. Insiders own 0.62% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. Robert W. Baird boosted their target price on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research report on Friday, April 19th. KeyCorp boosted their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Morgan Stanley upgraded Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. Finally, Piper Sandler lowered 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. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $326.11.

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.