Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by AE Wealth Management LLC

Key Points

• AE Wealth Management LLC increased its stake in Cadence Design Systems by 9.6% in Q1, owning 9,586 shares valued at $2.44 million as per the latest SEC filing.
• Cadence Design Systems reported earnings of $1.57 per share in their recent quarterly results, exceeding analysts' expectations and showing a 23.1% year-over-year revenue growth.
• Wall Street analysts have a consensus price target of $332.57 for Cadence Design Systems, with twelve analysts rating the stock as a "buy".

AE Wealth Management LLC grew its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 9.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,586 shares of the software maker's stock after purchasing an additional 841 shares during the period. AE Wealth Management LLC's holdings in Cadence Design Systems were worth $2,438,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of CDNS. Smallwood Wealth Investment Management LLC purchased a new stake in Cadence Design Systems in the first quarter worth about $25,000. Valley National Advisers Inc. grew its position in Cadence Design Systems by 707.1% during the first quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock valued at $28,000 after buying an additional 99 shares during the period. Ancora Advisors LLC increased its stake in shares of Cadence Design Systems by 1,400.0% in the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after purchasing an additional 112 shares in the last quarter. Bartlett & CO. Wealth Management LLC grew its stake in shares of Cadence Design Systems by 147.3% during the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 183 shares of the software maker's stock valued at $47,000 after acquiring an additional 109 shares during the period. Finally, HWG Holdings LP bought a new stake in shares of Cadence Design Systems during the 1st quarter valued at $54,000. Hedge funds and other institutional investors own 84.85% of the company's stock.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the business's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $306.35, for a total transaction of $306,350.00. Following the completion of the transaction, the vice president owned 105,499 shares in the company, valued at approximately $32,319,618.65. The trade was a 0.94% decrease in their position. 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 the company's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total transaction of $54,720.00. Following the completion of the sale, the director directly owned 8,010 shares of the company's stock, valued at approximately $2,435,040. This represents a 2.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 15,085 shares of company stock valued at $4,652,087. 0.37% of the stock is currently owned by corporate insiders.

Cadence Design Systems Trading Up 9.2%

Shares of CDNS stock traded up $30.69 during trading hours on Tuesday, hitting $364.45. The company had a trading volume of 2,427,250 shares, compared to its average volume of 2,062,336. The stock has a market capitalization of $99.51 billion, a PE ratio of 92.23, a price-to-earnings-growth ratio of 4.62 and a beta of 0.99. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $370.61. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.07 and a quick ratio of 2.90. The company's fifty day moving average is $309.66 and its 200 day moving average is $288.77.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its earnings results on Monday, July 28th. The software maker reported $1.65 EPS for the quarter, beating the consensus estimate of $1.56 by $0.09. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. The firm had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the prior year, the company posted $1.28 earnings per share. Cadence Design Systems's revenue for the quarter was up 20.2% compared to the same quarter last year. 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 reports. Mizuho lifted their price target on shares of Cadence Design Systems from $360.00 to $375.00 and gave the company an "outperform" rating in a report on Tuesday. Wells Fargo & Company raised their price target on Cadence Design Systems from $365.00 to $405.00 and gave the stock an "overweight" rating in a research note on Tuesday. Needham & Company LLC raised their price objective on Cadence Design Systems from $325.00 to $390.00 and gave the stock a "buy" rating in a report on Tuesday. Loop Capital boosted their price objective on shares of Cadence Design Systems from $340.00 to $370.00 and gave the stock a "buy" rating in a research note on Monday, July 14th. Finally, Wall Street Zen lowered shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Sunday, July 20th. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $353.33.

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.