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

Sendero Wealth Management LLC increased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 17.5% in the first quarter, according to its most recent filing with the SEC. The fund owned 7,610 shares of the software maker's stock after acquiring an additional 1,133 shares during the period. Sendero Wealth Management LLC's holdings in Cadence Design Systems were worth $1,935,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Accredited Investors Inc. grew its position in shares of Cadence Design Systems by 1.7% in the fourth quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker's stock valued at $654,000 after purchasing an additional 36 shares during the period. Principal Street Partners LLC lifted its stake in Cadence Design Systems by 2.6% in the 4th quarter. Principal Street Partners LLC now owns 1,455 shares of the software maker's stock valued at $437,000 after buying an additional 37 shares in the last quarter. Lindbrook Capital LLC boosted its holdings in Cadence Design Systems by 1.7% in the 4th quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker's stock worth $670,000 after buying an additional 38 shares during the last quarter. Oarsman Capital Inc. increased its stake in Cadence Design Systems by 3.8% during the 4th quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker's stock worth $313,000 after buying an additional 38 shares in the last quarter. Finally, Empower Advisory Group LLC lifted its position in shares of Cadence Design Systems by 4.9% in the fourth quarter. Empower Advisory Group LLC now owns 875 shares of the software maker's stock valued at $263,000 after acquiring an additional 41 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CDNS has been the subject of several recent research reports. Piper Sandler increased their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a research note on Wednesday, February 19th. Wall Street Zen cut shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $300.00 to $325.00 in a research report on Thursday, April 24th. Robert W. Baird upped their price objective on shares of Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. Finally, Bank of America raised their target price on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $325.23.

Cadence Design Systems Stock Up 0.6%

Shares of NASDAQ CDNS traded up $1.89 during mid-day trading on Thursday, hitting $296.29. The company had a trading volume of 1,900,741 shares, compared to its average volume of 2,018,702. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $328.99. The company has a market capitalization of $80.90 billion, a PE ratio of 76.76, a price-to-earnings-growth ratio of 3.88 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The business's 50-day simple moving average is $284.78 and its 200 day simple moving average is $287.52.

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 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 firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same period in the prior year, the firm earned $1.17 earnings per share. The business's quarterly revenue was up 23.1% compared to the same quarter last year. On average, analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total transaction of $164,216.00. Following the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $275.00, for a total value of $49,500.00. Following the transaction, the director now directly owns 7,411 shares in the company, valued at approximately $2,038,025. This trade represents a 2.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,445 shares of company stock worth $5,615,733 over the last three months. Insiders own 1.99% of the company's stock.

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.