Transcend Capital Advisors LLC Purchases 255 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Transcend Capital Advisors LLC raised its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 16.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,848 shares of the software maker’s stock after acquiring an additional 255 shares during the period. Transcend Capital Advisors LLC’s holdings in Cadence Design Systems were worth $555,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in CDNS. Swedbank AB boosted its holdings in shares of Cadence Design Systems by 15.1% during the third quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock worth $475,336,000 after acquiring an additional 230,672 shares during the period. Private Advisor Group LLC boosted its holdings in shares of Cadence Design Systems by 31.2% during the third quarter. Private Advisor Group LLC now owns 10,332 shares of the software maker’s stock worth $2,800,000 after acquiring an additional 2,457 shares during the period. Hennion & Walsh Asset Management Inc. boosted its holdings in shares of Cadence Design Systems by 17.2% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 7,743 shares of the software maker’s stock worth $2,099,000 after acquiring an additional 1,134 shares during the period. Values First Advisors Inc. bought a new stake in shares of Cadence Design Systems during the third quarter worth approximately $174,000. Finally, Dakota Wealth Management boosted its stake in shares of Cadence Design Systems by 1.8% in the third quarter. Dakota Wealth Management now owns 2,644 shares of the software maker’s stock valued at $717,000 after buying an additional 47 shares during the period. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Down 4.4 %

Shares of CDNS opened at $258.27 on Friday. The firm has a 50 day simple moving average of $300.54 and a two-hundred day simple moving average of $287.03. The company has a market cap of $70.83 billion, a P/E ratio of 66.91, a P/E/G ratio of 3.88 and a beta of 1.03. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. Research analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CDNS. Needham & Company LLC reiterated a “buy” rating and issued a $325.00 price target on shares of Cadence Design Systems in a research note on Wednesday. Rosenblatt Securities boosted their price target on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research note on Wednesday. Loop Capital cut their price target on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research note on Wednesday. Bank of America cut their price target on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Robert W. Baird cut their price target on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research note on Thursday. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $326.92.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total value of $1,799,916.80. Following the completion of the sale, the chief executive officer now owns 55,874 shares in the company, valued at approximately $16,987,930.96. This trade represents a 9.58 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $306.19, for a total transaction of $199,023.50. Following the completion of the sale, the vice president now owns 60,461 shares of the company’s stock, valued at approximately $18,512,553.59. This trade represents a 1.06 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 108,416 shares of company stock valued at $33,538,875. 1.99% of the stock is owned by corporate insiders.

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.