Spire Wealth Management Has $5.86 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Spire Wealth Management lowered its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 5.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 23,035 shares of the software maker's stock after selling 1,396 shares during the quarter. Spire Wealth Management's holdings in Cadence Design Systems were worth $5,859,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in CDNS. Park Square Financial Group LLC acquired a new stake in shares of Cadence Design Systems during the 4th quarter worth approximately $348,000. Citizens Financial Group Inc. RI raised its position in shares of Cadence Design Systems by 80.6% during the 4th quarter. Citizens Financial Group Inc. RI now owns 8,058 shares of the software maker's stock valued at $2,421,000 after acquiring an additional 3,595 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Cadence Design Systems by 4.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 209,463 shares of the software maker's stock valued at $62,935,000 after purchasing an additional 8,570 shares during the period. Royal London Asset Management Ltd. boosted its position in shares of Cadence Design Systems by 5.2% in the 4th quarter. Royal London Asset Management Ltd. now owns 155,873 shares of the software maker's stock worth $46,834,000 after purchasing an additional 7,766 shares during the last quarter. Finally, Jensen Investment Management Inc. bought a new position in Cadence Design Systems during the fourth quarter worth about $126,571,000. Institutional investors and hedge funds own 84.85% of the company's stock.

Insider Buying and Selling

In related news, VP Paul Scannell sold 4,710 shares of the business's stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the transaction, the vice president now directly owns 28,442 shares of the company's stock, valued at approximately $8,532,600. The trade was a 14.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction on 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 in the company, 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. Over the last three months, insiders have sold 19,625 shares of company stock worth $5,972,453. Insiders own 1.99% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on CDNS shares. Mizuho increased their target price on shares of Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. KeyCorp lifted their target price on Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Wells Fargo & Company boosted their target price on Cadence Design Systems from $350.00 to $365.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Needham & Company LLC reaffirmed a "buy" rating and set a $325.00 price target on shares of Cadence Design Systems in a research report on Tuesday, May 13th. Finally, Oppenheimer decreased their price objective 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. One research 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. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $325.23.

Cadence Design Systems Stock Up 0.5%

Cadence Design Systems stock traded up $1.51 during mid-day trading on Friday, reaching $305.20. The company's stock had a trading volume of 2,331,038 shares, compared to its average volume of 2,024,552. The business's 50 day simple moving average is $300.72 and its 200 day simple moving average is $286.65. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.90 and a current ratio of 3.07. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $326.19. The company has a market capitalization of $83.33 billion, a price-to-earnings ratio of 77.27, a price-to-earnings-growth ratio of 4.21 and a beta of 0.98.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.50 by $0.07. The business 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 29.36% and a net margin of 22.18%. Cadence Design Systems's quarterly revenue was up 23.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.17 earnings per share. As a group, research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current 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.