Cornerstone Select Advisors LLC Takes $1.17 Million Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Cornerstone Select Advisors LLC bought a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 3,877 shares of the software maker's stock, valued at approximately $1,165,000.

A number of other hedge funds have also recently made changes to their positions in the company. Principal Financial Group Inc. raised its position in shares of Cadence Design Systems by 33.0% during the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker's stock worth $547,886,000 after acquiring an additional 501,833 shares during the last quarter. Versant Capital Management Inc increased its position in shares of Cadence Design Systems by 164.2% during the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock worth $42,000 after buying an additional 87 shares during the period. LVM Capital Management Ltd. MI bought a new position in Cadence Design Systems during the fourth quarter worth $281,000. HBW Advisory Services LLC lifted its holdings in Cadence Design Systems by 22.5% in the fourth quarter. HBW Advisory Services LLC now owns 2,203 shares of the software maker's stock valued at $662,000 after buying an additional 404 shares during the period. Finally, Graypoint LLC boosted its position in Cadence Design Systems by 7.9% during the fourth quarter. Graypoint LLC now owns 2,090 shares of the software maker's stock valued at $628,000 after acquiring an additional 153 shares during the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Oppenheimer reduced their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research report on Wednesday, March 19th. Piper Sandler raised their target price on Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a research note on Wednesday, February 19th. Loop Capital dropped their price target on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a research note on Wednesday, February 19th. StockNews.com cut Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Finally, Robert W. Baird upped their target price on Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems presently has an average rating of "Moderate Buy" and a consensus target price of $322.54.

Cadence Design Systems Stock Performance

CDNS traded down $2.18 during midday trading on Friday, reaching $305.78. The company had a trading volume of 1,479,962 shares, compared to its average volume of 1,963,973. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $328.99. The business has a 50-day moving average price of $264.34 and a two-hundred day moving average price of $284.51. The stock has a market cap of $83.49 billion, a PE ratio of 79.22, a P/E/G ratio of 3.88 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same period in the prior year, the company earned $1.17 earnings per share. Cadence Design Systems's revenue was up 23.1% compared to the same quarter last year. On average, sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, VP Paul Scannell sold 4,710 shares of the business's stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the completion of the transaction, the vice president now directly owns 28,442 shares in the company, valued at $8,532,600. The trade was a 14.21 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total value of $164,216.00. Following the completion of the sale, the vice president now owns 108,799 shares in the company, valued at $27,486,979.36. This trade represents a 0.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 17,577 shares of company stock worth $5,316,411 over the last quarter. 0.37% of the stock is currently 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.