Stonebrook Private Inc. Buys New Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Stonebrook Private Inc. acquired a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 1,240 shares of the software maker's stock, valued at approximately $373,000.

A number of other hedge funds have also recently made changes to their positions in the business. Avior Wealth Management LLC grew its stake in shares of Cadence Design Systems by 12.4% in the 4th quarter. Avior Wealth Management LLC now owns 326 shares of the software maker's stock worth $98,000 after acquiring an additional 36 shares in the last quarter. Accredited Investors Inc. grew its position in Cadence Design Systems by 1.7% in the 4th quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker's stock worth $654,000 after purchasing an additional 36 shares in the last quarter. Lindbrook Capital LLC increased its stake in Cadence Design Systems by 1.7% in the 4th 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 during the last quarter. 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 worth $313,000 after buying an additional 38 shares in the last quarter. Finally, Empower Advisory Group LLC boosted its stake in shares of Cadence Design Systems by 4.9% in the 4th quarter. Empower Advisory Group LLC now owns 875 shares of the software maker's stock worth $263,000 after buying an additional 41 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Stock Performance

Shares of CDNS stock traded down $0.85 during trading on Friday, reaching $315.79. 370,145 shares of the company's stock traded hands, compared to its average volume of 1,974,330. The firm's 50-day moving average is $277.99 and its 200 day moving average is $287.50. The company has a market capitalization of $86.22 billion, a P/E ratio of 81.81, a PEG ratio of 3.88 and a beta of 1.04. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year 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.

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

Insider Buying and Selling at Cadence Design Systems

In related news, Director James D. Plummer sold 868 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $319.95, for a total value of $277,716.60. Following the sale, the director now owns 23,996 shares in the company, valued at approximately $7,677,520.20. This trade represents a 3.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems 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 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 valued at $5,594,127 in the last quarter. 1.99% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

CDNS has been the subject of a number of research analyst reports. Rosenblatt Securities increased their price target on Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a research report on Tuesday, April 29th. Oppenheimer decreased their target price on 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 increased their price target 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. Needham & Company LLC reaffirmed a "buy" rating and issued a $325.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, May 13th. Finally, Wall Street Zen cut shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat, Cadence Design Systems has a consensus rating of "Moderate Buy" and a consensus target price of $325.23.

About Cadence Design Systems

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.