Waldron Private Wealth LLC Invests $256,000 in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Waldron Private Wealth LLC bought a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 4th quarter, Holdings Channel.com reports. The firm bought 942 shares of the software maker’s stock, valued at approximately $256,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank bought a new stake in Cadence Design Systems during the 4th quarter valued at $770,945,000. Alliancebernstein L.P. raised its stake in shares of Cadence Design Systems by 620.0% during the fourth quarter. Alliancebernstein L.P. now owns 2,954,303 shares of the software maker’s stock valued at $474,579,000 after acquiring an additional 2,543,966 shares during the last quarter. Moneta Group Investment Advisors LLC purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth about $227,854,000. Nordea Investment Management AB boosted its holdings in shares of Cadence Design Systems by 124.8% during the fourth quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock worth $515,995,000 after purchasing an additional 1,052,228 shares during the period. Finally, Wellington Management Group LLP grew its stake in shares of Cadence Design Systems by 143.3% in the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock worth $383,062,000 after purchasing an additional 962,987 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Trading Down 0.2 %

Shares of NASDAQ CDNS opened at $300.81 on Wednesday. Cadence Design Systems, Inc. has a 1 year low of $194.01 and a 1 year high of $327.36. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13. The firm has a 50-day moving average of $306.73 and a 200 day moving average of $279.25. The stock has a market cap of $81.89 billion, a P/E ratio of 78.75, a price-to-earnings-growth ratio of 3.66 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.05. The firm had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.06 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The business’s revenue was up 18.8% on a year-over-year basis. During the same period last year, the business earned $0.75 earnings per share. As a group, sell-side analysts expect that Cadence Design Systems, Inc. will post 4.82 EPS for the current fiscal year.

Insider Transactions at Cadence Design Systems

In other news, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $310.46, for a total value of $186,276.00. Following the completion of the transaction, the senior vice president now owns 21,080 shares of the company’s stock, valued at approximately $6,544,496.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, VP Paul Cunningham sold 1,000 shares of the company’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 directly owns 68,144 shares of the company’s stock, valued at approximately $21,155,986.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction on Monday, April 1st. The stock was sold at an average price of $310.46, for a total value of $186,276.00. Following the completion of the sale, the senior vice president now directly owns 21,080 shares of the company’s stock, valued at approximately $6,544,496.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 212,044 shares of company stock valued at $63,106,522. Insiders own 0.62% of the company’s stock.

Analyst Upgrades and Downgrades

CDNS has been the subject of several research analyst reports. Stifel Nicolaus increased their price objective on Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday, February 13th. 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. Piper Sandler initiated coverage on shares of Cadence Design Systems in a research report on Thursday, April 4th. They set a “neutral” rating and a $334.00 price objective on the stock. KeyCorp upped their price objective on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Monday. Finally, Rosenblatt Securities lowered shares of Cadence Design Systems from a “buy” rating to a “neutral” rating and lifted their target price for the company from $265.00 to $280.00 in a research note on Tuesday, February 13th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and a consensus price target of $316.10.

Cadence Design Systems 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.