Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by Kestra Private Wealth Services LLC

Kestra Private Wealth Services LLC grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 29.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,867 shares of the software maker’s stock after acquiring an additional 2,721 shares during the period. Kestra Private Wealth Services LLC’s holdings in Cadence Design Systems were worth $3,232,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of CDNS. Parkside Financial Bank & Trust lifted its position in Cadence Design Systems by 8.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker’s stock valued at $140,000 after acquiring an additional 38 shares during the last quarter. Highview Capital Management LLC DE lifted its position in Cadence Design Systems by 0.8% in 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 acquiring an additional 39 shares during the last quarter. BSW Wealth Partners lifted its position in Cadence Design Systems by 2.8% in the fourth quarter. BSW Wealth Partners now owns 1,624 shares of the software maker’s stock valued at $442,000 after acquiring an additional 44 shares during the last quarter. Lindbrook Capital LLC raised its holdings in shares of Cadence Design Systems by 2.5% in the third quarter. Lindbrook Capital LLC now owns 1,844 shares of the software maker’s stock valued at $432,000 after buying an additional 45 shares during the last quarter. Finally, Savant Capital LLC raised its holdings in shares of Cadence Design Systems by 2.7% in the third quarter. Savant Capital LLC now owns 1,733 shares of the software maker’s stock valued at $406,000 after buying an additional 45 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Trading Down 2.4 %

Shares of Cadence Design Systems stock opened at $275.63 on Wednesday. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The company’s 50-day simple moving average is $303.36 and its 200-day simple moving average is $282.00. Cadence Design Systems, Inc. has a 52-week low of $198.92 and a 52-week high of $327.36. The firm has a market cap of $75.01 billion, a price-to-earnings ratio of 71.78, a price-to-earnings-growth ratio of 3.33 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.04. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The firm’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.02 earnings per share. As a group, equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.78 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on CDNS shares. Piper Sandler reduced their target price on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a report on Tuesday, April 23rd. Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $260.00 to $350.00 in a report on Wednesday, February 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a report on Friday, April 19th. Stifel Nicolaus upped their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, February 13th. Finally, StockNews.com raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Wednesday, April 24th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and a consensus target price of $326.11.

Insider Activity

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total transaction of $449,130.00. Following the transaction, the director now owns 53,183 shares of the company’s stock, valued at $15,924,053.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total transaction of $449,130.00. Following the transaction, the director now owns 53,183 shares of the company’s stock, valued at $15,924,053.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Thomas P. Beckley sold 65,268 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the transaction, the vice president now directly owns 156,156 shares in the company, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. Insiders have sold 173,044 shares of company stock worth $52,231,207 over the last ninety days. 0.62% of the stock is currently owned by insiders.

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.