FourThought Financial Partners LLC Takes $217,000 Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

FourThought Financial Partners LLC acquired a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the fourth quarter, Holdings Channel.com reports. The firm acquired 798 shares of the software maker’s stock, valued at approximately $217,000.

A number of other institutional investors and hedge funds have also made changes to their positions in CDNS. Cambridge Investment Research Advisors Inc. increased its position in shares of Cadence Design Systems by 14.0% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 15,386 shares of the software maker’s stock worth $3,605,000 after purchasing an additional 1,893 shares in the last quarter. Concord Wealth Partners lifted its holdings in Cadence Design Systems by 10.8% in the third quarter. Concord Wealth Partners now owns 1,005 shares of the software maker’s stock valued at $235,000 after acquiring an additional 98 shares during the last quarter. Lindbrook Capital LLC increased its stake in Cadence Design Systems by 2.5% during the third quarter. Lindbrook Capital LLC now owns 1,844 shares of the software maker’s stock worth $432,000 after acquiring an additional 45 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Cadence Design Systems by 1.1% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 122,908 shares of the software maker’s stock worth $28,797,000 after purchasing an additional 1,355 shares during the period. Finally, Brighton Jones LLC purchased a new stake in Cadence Design Systems in the 3rd quarter valued at about $206,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on CDNS. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday. Needham & Company LLC restated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Friday, April 19th. Robert W. Baird boosted their price objective on Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a report on Thursday, April 18th. Piper Sandler dropped their target price 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. Finally, Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $260.00 to $350.00 in a research report on Wednesday, February 14th. Three equities 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 company presently has an average rating of “Moderate Buy” and a consensus price target of $326.11.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS traded up $2.47 during trading hours on Monday, reaching $284.10. The stock had a trading volume of 526,607 shares, compared to its average volume of 1,570,406. The firm has a market cap of $77.31 billion, a price-to-earnings ratio of 73.34, a PEG ratio of 3.32 and a beta of 1.06. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. Cadence Design Systems, Inc. has a fifty-two week low of $198.92 and a fifty-two week high of $327.36. The firm has a 50-day moving average of $302.02 and a 200-day moving average of $282.59.

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

Insiders Place Their Bets

In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the sale, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, VP Aneel Zaman sold 1,207 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $366,807.30. Following the completion of the transaction, the vice president now directly owns 61,150 shares of the company’s stock, valued at approximately $18,583,485. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the vice president now directly owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The disclosure for this sale can be found here. In the last ninety days, insiders sold 174,566 shares of company stock valued at $52,649,105. 0.62% of the stock is owned by company insiders.

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.