MinichMacGregor Wealth Management LLC Buys 4,996 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

MinichMacGregor Wealth Management LLC lifted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 31.8% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 20,709 shares of the software maker's stock after buying an additional 4,996 shares during the quarter. Cadence Design Systems makes up about 1.6% of MinichMacGregor Wealth Management LLC's investment portfolio, making the stock its 24th largest position. MinichMacGregor Wealth Management LLC's holdings in Cadence Design Systems were worth $5,641,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Parkside Financial Bank & Trust raised its holdings in shares of Cadence Design Systems by 8.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker's stock worth $140,000 after acquiring an additional 38 shares in the last quarter. Highview Capital Management LLC DE lifted its position in Cadence Design Systems by 0.8% during the fourth quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker's stock valued at $1,411,000 after purchasing an additional 39 shares during the last quarter. BSW Wealth Partners grew its stake in shares of Cadence Design Systems by 2.8% in the 4th quarter. BSW Wealth Partners now owns 1,624 shares of the software maker's stock worth $442,000 after buying an additional 44 shares in the last quarter. Savant Capital LLC increased its holdings in shares of Cadence Design Systems by 2.7% in the 3rd quarter. Savant Capital LLC now owns 1,733 shares of the software maker's stock worth $406,000 after buying an additional 45 shares during the last quarter. Finally, Optas LLC increased its holdings in shares of Cadence Design Systems by 3.1% in the 4th quarter. Optas LLC now owns 1,565 shares of the software maker's stock worth $426,000 after buying an additional 47 shares during the last quarter. Institutional investors own 84.85% of the company's stock.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the transaction, the vice president now owns 156,156 shares of the company's stock, valued at approximately $46,375,208.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the sale, the vice president now owns 156,156 shares of the company's stock, valued at approximately $46,375,208.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Aneel Zaman sold 1,207 shares of Cadence Design Systems stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $366,807.30. Following the completion of the transaction, the vice president now owns 61,150 shares in the company, valued at $18,583,485. The disclosure for this sale can be found here. Insiders sold a total of 173,066 shares of company stock valued at $52,199,975 in the last ninety days. Corporate insiders own 0.62% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Rosenblatt Securities reiterated a "neutral" rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Monday, April 22nd. Stifel Nicolaus lifted their target price on Cadence Design Systems from $300.00 to $350.00 and gave the stock a "buy" rating in a report on Tuesday, February 13th. Wells Fargo & Company increased their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company an "overweight" rating in a report on Tuesday, April 16th. Morgan Stanley raised shares of Cadence Design Systems from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $260.00 to $350.00 in a research note on Wednesday, February 14th. Finally, Piper Sandler reduced their target price on shares of Cadence Design Systems from $334.00 to $318.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 23rd. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $326.11.

Cadence Design Systems Trading Down 0.4 %

Shares of NASDAQ CDNS traded down $1.13 during mid-day trading on Tuesday, reaching $283.33. The company had a trading volume of 1,315,740 shares, compared to its average volume of 1,544,299. The stock has a market cap of $77.10 billion, a price-to-earnings ratio of 73.91, a price-to-earnings-growth ratio of 3.38 and a beta of 1.06. Cadence Design Systems, Inc. has a 52 week low of $198.92 and a 52 week high of $327.36. The business's 50-day moving average is $299.37 and its 200-day moving average is $284.61. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping analysts' consensus estimates of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. During the same period in the prior year, the firm earned $1.02 EPS. The company's revenue for the quarter was down 1.2% compared to the same quarter last year. Equities analysts expect that Cadence Design Systems, Inc. will post 4.78 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.

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