Inscription Capital LLC Invests $286,000 in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Inscription Capital LLC acquired a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 1,124 shares of the software maker's stock, valued at approximately $286,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Sagespring Wealth Partners LLC increased its stake in shares of Cadence Design Systems by 33.5% in the 1st quarter. Sagespring Wealth Partners LLC now owns 2,851 shares of the software maker's stock valued at $725,000 after acquiring an additional 715 shares during the last quarter. Sowell Financial Services LLC acquired a new position in Cadence Design Systems during the first quarter valued at approximately $830,000. Exchange Traded Concepts LLC increased its stake in Cadence Design Systems by 45.6% in the first quarter. Exchange Traded Concepts LLC now owns 70,891 shares of the software maker's stock valued at $18,030,000 after purchasing an additional 22,204 shares in the last quarter. Factory Mutual Insurance Co. increased its stake in Cadence Design Systems by 18.7% in the first quarter. Factory Mutual Insurance Co. now owns 208,971 shares of the software maker's stock valued at $53,148,000 after purchasing an additional 32,900 shares in the last quarter. Finally, Dynamic Advisor Solutions LLC raised its holdings in Cadence Design Systems by 9.5% in the first quarter. Dynamic Advisor Solutions LLC now owns 3,613 shares of the software maker's stock worth $919,000 after purchasing an additional 313 shares during the period. Institutional investors and hedge funds own 84.85% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CDNS. Piper Sandler upped their price objective 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. Robert W. Baird boosted their target price on Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. Bank of America raised their price target on Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. JPMorgan Chase & Co. upgraded Cadence Design Systems from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $300.00 to $325.00 in a report on Thursday, April 24th. 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 equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $325.23.

Insider Buying and Selling at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 10,737 shares of the firm's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $310.00, for a total value of $3,328,470.00. Following the completion of the transaction, the chief executive officer now owns 209,548 shares in the company, valued at $64,959,880. This trade represents a 4.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Cunningham sold 650 shares of the company's stock in a transaction dated Tuesday, April 1st. The stock was 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 in the company, valued at $27,486,979.36. The trade was a 0.59% decrease in their position. The disclosure for this sale can be found here. In 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.

Cadence Design Systems Stock Down 0.7%

Cadence Design Systems stock traded down $2.16 during midday trading on Thursday, reaching $296.84. The stock had a trading volume of 1,220,973 shares, compared to its average volume of 2,012,936. The stock has a market capitalization of $81.05 billion, a P/E ratio of 75.15, a price-to-earnings-growth ratio of 4.14 and a beta of 0.98. The firm's fifty day simple moving average is $295.30 and its 200-day simple moving average is $287.23. 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 1-year low of $221.56 and a 1-year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.07. The company had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.24 billion. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. The business's quarterly revenue was up 23.1% on a year-over-year basis. During the same period last year, the business earned $1.17 EPS. As a group, analysts expect 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.