Secure Asset Management LLC Makes New $283,000 Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Secure Asset Management LLC bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 1,111 shares of the software maker's stock, valued at approximately $283,000.

Several other institutional investors have also recently made changes to their positions in the company. Golden State Wealth Management LLC bought a new stake in Cadence Design Systems during the fourth quarter worth about $28,000. Ancora Advisors LLC boosted its position 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. Avalon Trust Co purchased a new stake in shares of Cadence Design Systems in the 4th quarter worth approximately $39,000. OFI Invest Asset Management bought a new position in Cadence Design Systems during the 4th quarter valued at approximately $46,000. Finally, Synergy Investment Management LLC bought a new position in Cadence Design Systems during the 4th quarter valued at approximately $50,000. Institutional investors own 84.85% of the company's stock.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total transaction of $164,216.00. Following the transaction, the vice president now owns 108,799 shares in the company, valued at approximately $27,486,979.36. The trade was a 0.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Anirudh Devgan sold 10,737 shares of the company's stock in a transaction that occurred on 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 of the company's stock, valued at $64,959,880. The trade was a 4.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,445 shares of company stock worth $5,615,733 in the last three months. Corporate insiders own 1.99% of the company's stock.

Cadence Design Systems Stock Performance

CDNS stock traded up $0.66 during trading on Friday, reaching $296.95. The stock had a trading volume of 1,363,074 shares, compared to its average volume of 2,016,612. The stock's 50 day moving average is $285.62 and its two-hundred day moving average is $287.53. The firm has a market cap of $81.08 billion, a PE ratio of 76.93, a PEG ratio of 3.88 and a beta of 0.98. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the firm posted $1.17 earnings per share. The firm's revenue was up 23.1% compared to the same quarter last year. As a group, equities analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CDNS has been the topic of a number of recent research reports. Piper Sandler increased their target price on Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 19th. Wells Fargo & Company lifted their target price on shares of Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Needham & Company LLC reiterated a "buy" rating and set a $325.00 price target on shares of Cadence Design Systems in a report on Tuesday, May 13th. Mizuho boosted their price objective 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. Finally, Bank of America increased their target price on Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and an average price target of $325.23.

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.