Strategic Wealth Partners Ltd. Buys 948 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Strategic Wealth Partners Ltd. grew its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 44.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,080 shares of the software maker's stock after acquiring an additional 948 shares during the quarter. Strategic Wealth Partners Ltd.'s holdings in Cadence Design Systems were worth $912,000 as of its most recent filing with the SEC.

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

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total transaction 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ita M. Brennan sold 180 shares of the stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $275.00, for a total value of $49,500.00. Following the sale, the director now directly owns 7,411 shares in the company, valued at $2,038,025. This represents a 2.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,445 shares of company stock worth $5,594,127 over the last ninety days. Insiders own 1.99% of the company's stock.

Wall Street Analyst Weigh In

CDNS has been the subject of a number of research analyst reports. Needham & Company LLC reissued a "buy" rating and issued a $325.00 price target on shares of Cadence Design Systems in a research report on Tuesday, May 13th. Piper Sandler boosted their target price on Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a report on Wednesday, February 19th. Oppenheimer lowered their target price on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a report on Wednesday, March 19th. Rosenblatt Securities lifted 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. Finally, Wells Fargo & Company increased their price target on shares of Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and an average price target of $325.23.

Cadence Design Systems Stock Performance

CDNS stock traded down $0.92 during trading hours on Thursday, reaching $316.63. The stock had a trading volume of 1,480,776 shares, compared to its average volume of 1,977,671. The stock has a market capitalization of $86.45 billion, a PE ratio of 82.03, a price-to-earnings-growth ratio of 3.88 and a beta of 1.04. The stock has a 50-day simple moving average of $276.76 and a 200 day simple moving average of $287.31. 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 debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, topping analysts' consensus estimates 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 firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter in the previous year, the business earned $1.17 earnings per share. The business's revenue was up 23.1% compared to the same quarter last year. Analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS 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.