NorthRock Partners LLC Purchases 1,329 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

NorthRock Partners LLC increased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 65.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,367 shares of the software maker's stock after buying an additional 1,329 shares during the quarter. NorthRock Partners LLC's holdings in Cadence Design Systems were worth $1,012,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Golden State Wealth Management LLC bought a new position in Cadence Design Systems during the 4th quarter worth approximately $28,000. Ancora Advisors LLC raised its position in Cadence Design Systems by 1,400.0% during the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock valued at $36,000 after purchasing an additional 112 shares during the last quarter. Avalon Trust Co purchased a new stake in Cadence Design Systems in the 4th quarter worth approximately $39,000. OFI Invest Asset Management purchased a new position in shares of Cadence Design Systems during the fourth quarter valued at approximately $46,000. Finally, Synergy Investment Management LLC bought a new position in shares of Cadence Design Systems during the fourth quarter valued at approximately $50,000. Hedge funds and other institutional investors own 84.85% of the company's stock.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock traded down $1.26 during trading hours on Monday, reaching $320.30. 1,470,247 shares of the stock traded hands, compared to its average volume of 1,975,581. The company has a 50 day moving average price of $272.16 and a 200 day moving average price of $286.60. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $87.46 billion, a price-to-earnings ratio of 82.98, a P/E/G ratio of 3.88 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.24 billion. During the same quarter last year, the company posted $1.17 EPS. The company's revenue was up 23.1% compared to the same quarter last year. On average, equities research analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CDNS has been the topic of a number of research analyst reports. Piper Sandler boosted their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a research report on Wednesday, February 19th. KeyCorp lifted their price objective on Cadence Design Systems from $355.00 to $375.00 and gave the company an "overweight" rating in a research report on Thursday. Robert W. Baird increased 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. JPMorgan Chase & Co. upgraded Cadence Design Systems from a "neutral" rating to an "overweight" rating and lifted their price target for the company from $300.00 to $325.00 in a research report on Thursday, April 24th. Finally, Rosenblatt Securities increased their price objective on Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a report on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $325.23.

Insider Activity at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 10,737 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the completion of the sale, the chief executive officer now owns 209,548 shares in the company, valued at approximately $64,959,880. This trade represents a 4.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Paul Scannell sold 4,710 shares of Cadence Design Systems stock in a transaction that occurred 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 directly owns 28,442 shares in the company, valued at $8,532,600. This trade represents a 14.21% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,577 shares of company stock worth $5,316,411. 1.99% of the stock is owned by corporate 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.