Park Square Financial Group LLC Acquires Shares of 1,158 Cadence Design Systems, Inc. (NASDAQ:CDNS)

Park Square Financial Group LLC bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,158 shares of the software maker's stock, valued at approximately $348,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Avior Wealth Management LLC raised its stake in shares of Cadence Design Systems by 12.4% during the 4th quarter. Avior Wealth Management LLC now owns 326 shares of the software maker's stock worth $98,000 after buying an additional 36 shares in the last quarter. Accredited Investors Inc. lifted its stake in shares of Cadence Design Systems by 1.7% in the fourth quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker's stock valued at $654,000 after purchasing an additional 36 shares during the period. Principal Street Partners LLC grew its position in Cadence Design Systems by 2.6% during the fourth quarter. Principal Street Partners LLC now owns 1,455 shares of the software maker's stock worth $437,000 after buying an additional 37 shares during the period. Lindbrook Capital LLC increased its holdings in Cadence Design Systems by 1.7% in the fourth quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker's stock valued at $670,000 after buying an additional 38 shares in the last quarter. Finally, Oarsman Capital Inc. lifted its position in shares of Cadence Design Systems by 3.8% during the 4th quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker's stock valued at $313,000 after acquiring an additional 38 shares during the period. Hedge funds and other institutional investors own 84.85% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CDNS. Oppenheimer dropped their price objective on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research note on Wednesday, March 19th. Wall Street Zen cut Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Needham & Company LLC restated a "buy" rating and set a $325.00 target price on shares of Cadence Design Systems in a research report on Tuesday, May 13th. Rosenblatt Securities increased their price target on shares of Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a research report on Tuesday, April 29th. Finally, Piper Sandler upped 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. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and an average price target of $325.23.

Insiders Place Their Bets

In other Cadence Design Systems news, CEO Anirudh Devgan sold 10,737 shares of the firm's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $310.00, for a total value of $3,328,470.00. Following the transaction, the chief executive officer now directly owns 209,548 shares of the company's stock, valued at $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 is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Tuesday, April 1st. The shares were 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 of the company's stock, valued at approximately $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 18,445 shares of company stock worth $5,594,127 over the last three months. 1.99% of the stock is owned by insiders.

Cadence Design Systems Trading Up 0.0%

Shares of NASDAQ CDNS traded up $0.13 on Friday, reaching $284.63. 2,900,984 shares of the company traded hands, compared to its average volume of 2,022,903. The stock has a market capitalization of $77.72 billion, a PE ratio of 73.74, a P/E/G ratio of 3.88 and a beta of 1.04. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $328.99. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The company has a 50 day moving average of $282.52 and a 200 day moving average of $287.74.

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