WealthShield Partners LLC Increases Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• WealthShield Partners LLC increased its stake in Cadence Design Systems by 23.1% during the first quarter, owning 6,585 shares worth approximately $1.675 million at the end of the reporting period.
• Cadence Design Systems recently reported earnings of $1.65 per share for the quarter, surpassing analysts' estimates and reflecting a 20.2% increase in revenue compared to the previous year.
• Analysts have mixed ratings on Cadence, with a consensus target price of $364.33, including twelve "buy" ratings and one "sell" rating.

WealthShield Partners LLC boosted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 23.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,585 shares of the software maker's stock after purchasing an additional 1,236 shares during the quarter. WealthShield Partners LLC's holdings in Cadence Design Systems were worth $1,675,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of CDNS. GAMMA Investing LLC raised its holdings in shares of Cadence Design Systems by 31,049.1% during the 1st quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker's stock valued at $309,835,000 after buying an additional 1,214,330 shares in the last quarter. Jennison Associates LLC grew its position in Cadence Design Systems by 13.2% during the first quarter. Jennison Associates LLC now owns 9,064,953 shares of the software maker's stock valued at $2,305,489,000 after acquiring an additional 1,054,702 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Cadence Design Systems by 25.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,937,675 shares of the software maker's stock worth $882,655,000 after acquiring an additional 601,834 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Cadence Design Systems by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 26,339,142 shares of the software maker's stock worth $6,698,834,000 after acquiring an additional 429,955 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Cadence Design Systems by 10.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,416,269 shares of the software maker's stock worth $1,326,912,000 after acquiring an additional 427,418 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the firm's stock in a transaction 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 transaction, the director owned 8,010 shares of the company's stock, valued at approximately $2,435,040. This trade represents a 2.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Paul Cunningham sold 1,000 shares of the business's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $358.72, for a total transaction of $358,720.00. Following the sale, the vice president owned 104,499 shares in the company, valued at approximately $37,485,881.28. This trade represents a 0.95% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 4,698 shares of company stock valued at $1,485,387. Corporate insiders own 1.99% of the company's stock.

Cadence Design Systems Trading Down 0.6%

Cadence Design Systems stock traded down $2.27 during mid-day trading on Friday, reaching $352.06. 1,373,011 shares of the company traded hands, compared to its average volume of 2,077,943. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.82 and a quick ratio of 2.67. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $376.45. The firm has a market capitalization of $95.93 billion, a price-to-earnings ratio of 95.15, a P/E/G ratio of 4.73 and a beta of 0.97. The firm's 50 day moving average price is $319.34 and its 200 day moving average price is $292.67.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.09. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The company had revenue of $1.28 billion for the quarter, compared to analysts' expectations of $1.25 billion. During the same quarter in the previous year, the company earned $1.28 earnings per share. Cadence Design Systems's quarterly revenue was up 20.2% on a year-over-year basis. On average, analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently commented on CDNS shares. Piper Sandler reaffirmed a "neutral" rating and set a $355.00 target price (up previously from $328.00) on shares of Cadence Design Systems in a report on Tuesday, July 29th. Needham & Company LLC raised their price objective on Cadence Design Systems from $325.00 to $390.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. Bank of America lifted their price objective on Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Wall Street Zen cut Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Sunday, July 20th. Finally, Berenberg Bank set a $400.00 price target on Cadence Design Systems in a research report on Wednesday, July 30th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $364.33.

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.