EverSource Wealth Advisors LLC Buys 380 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

EverSource Wealth Advisors LLC boosted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 135.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 661 shares of the software maker’s stock after acquiring an additional 380 shares during the period. EverSource Wealth Advisors LLC’s holdings in Cadence Design Systems were worth $180,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of CDNS. Valley National Advisers Inc. lifted its holdings in shares of Cadence Design Systems by 90.4% during the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after acquiring an additional 47 shares during the last quarter. Fortitude Family Office LLC purchased a new stake in shares of Cadence Design Systems in the 4th quarter worth about $28,000. Rakuten Securities Inc. bought a new stake in Cadence Design Systems during the 4th quarter valued at approximately $45,000. Catalyst Capital Advisors LLC raised its position in shares of 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 acquiring an additional 52 shares in the last quarter. Finally, CVA Family Office LLC purchased a new position in shares of Cadence Design Systems in the 4th quarter valued at approximately $77,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CDNS has been the subject of several recent research reports. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Monday, April 22nd. Stifel Nicolaus boosted their price target on Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, February 13th. Piper Sandler dropped their target price on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a report on Tuesday, April 23rd. Finally, Needham & Company LLC restated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a report on Friday, May 17th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $326.11.

Insider Activity at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 1,454 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $441,870.60. Following the transaction, the chief executive officer now directly owns 136,455 shares of the company’s stock, valued at $41,468,674.50. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Cadence Design Systems news, Director James D. Plummer sold 2,412 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $315.40, for a total transaction of $760,744.80. Following the completion of the sale, the director now directly owns 22,923 shares in the company, valued at approximately $7,229,914.20. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Anirudh Devgan sold 1,454 shares of Cadence Design Systems stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $441,870.60. Following the completion of the transaction, the chief executive officer now directly owns 136,455 shares of the company’s stock, valued at approximately $41,468,674.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 109,298 shares of company stock valued at $33,247,394. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

NASDAQ:CDNS traded down $0.41 on Friday, hitting $294.28. The stock had a trading volume of 957,105 shares, compared to its average volume of 1,364,188. Cadence Design Systems, Inc. has a 52-week low of $208.50 and a 52-week high of $327.36. The stock has a market cap of $80.08 billion, a price-to-earnings ratio of 76.64, a price-to-earnings-growth ratio of 3.61 and a beta of 1.06. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The business’s 50-day simple moving average is $296.25 and its two-hundred day simple moving average is $287.08.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same period in the prior year, the company earned $1.02 earnings per share. The firm’s revenue was down 1.2% on a year-over-year basis. As a group, research analysts predict that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current year.

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.