Benjamin Edwards Inc. Purchases 2,544 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Benjamin Edwards Inc. increased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 13.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 21,523 shares of the software maker's stock after acquiring an additional 2,544 shares during the period. Benjamin Edwards Inc.'s holdings in Cadence Design Systems were worth $6,467,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of CDNS. Golden State Wealth Management LLC bought a new position in Cadence Design Systems in the 4th quarter worth $28,000. Ancora Advisors LLC increased its position in Cadence Design Systems by 1,400.0% in the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after buying an additional 112 shares in the last quarter. Avalon Trust Co bought a new position in shares of Cadence Design Systems in the fourth quarter worth about $39,000. Versant Capital Management Inc lifted its position in shares of Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock valued at $42,000 after buying an additional 87 shares in the last quarter. Finally, OFI Invest Asset Management bought a new position in shares of Cadence Design Systems during the 4th quarter valued at approximately $46,000. Hedge funds and other institutional investors own 84.85% of the company's stock.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $308.83 on Tuesday. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $328.99. The company has a market cap of $84.72 billion, a price-to-earnings ratio of 80.01, a PEG ratio of 3.88 and a beta of 1.14. The firm's fifty day moving average is $259.41 and its 200 day moving average is $283.43. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53.

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

Insider Activity at Cadence Design Systems

In other news, VP Paul Scannell sold 4,710 shares of the stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $300.00, for a total value of $1,413,000.00. Following the sale, the vice president now owns 28,442 shares of the company's stock, valued at approximately $8,532,600. This represents a 14.21 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $275.00, for a total transaction of $49,500.00. Following the transaction, the director now directly owns 7,411 shares of the company's stock, valued at approximately $2,038,025. This represents a 2.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,840 shares of company stock worth $1,987,941. Company insiders own 1.99% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on CDNS. Oppenheimer decreased their target price on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a research note on Wednesday, March 19th. JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $300.00 to $325.00 in a research note on Thursday, April 24th. Redburn Atlantic began coverage on Cadence Design Systems in a research note on Monday, January 13th. They issued a "buy" rating and a $350.00 price target for the company. Piper Sandler boosted their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a research report on Wednesday, February 19th. Finally, Mizuho increased their target price on Cadence Design Systems from $300.00 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 assigned a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and an average price target of $322.54.

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.

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