Rialto Wealth Management LLC Acquires New Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Rialto Wealth Management LLC bought a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 4th quarter, Holdings Channel reports. The institutional investor bought 500 shares of the software maker’s stock, valued at approximately $150,000.

A number of other institutional investors have also recently modified their holdings of CDNS. Golden State Wealth Management LLC bought a new position in Cadence Design Systems in the 4th quarter worth about $28,000. Missouri Trust & Investment Co purchased a new position in Cadence Design Systems in the third quarter worth about $27,000. MidAtlantic Capital Management Inc. purchased a new stake in shares of Cadence Design Systems during the third quarter valued at approximately $28,000. Versant Capital Management Inc grew its holdings in shares of Cadence Design Systems by 164.2% during the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after buying an additional 87 shares during the last quarter. Finally, Prestige Wealth Management Group LLC increased its position in shares of Cadence Design Systems by 56.6% during the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after acquiring an additional 60 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CDNS has been the topic of several recent analyst reports. Rosenblatt Securities increased their target price on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Loop Capital dropped their price objective on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. Robert W. Baird reduced their price objective on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. Bank of America lowered their target price on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Finally, Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 price target for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $326.92.

Insider Activity

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the sale, the chief executive officer now owns 55,874 shares in the company, valued at approximately $17,320,940. This represents a 62.51 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Paul Scannell sold 3,171 shares of the business’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $305.78, for a total value of $969,628.38. Following the completion of the transaction, the vice president now owns 14,318 shares in the company, valued at $4,378,158.04. The trade was a 18.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 108,416 shares of company stock valued at $33,504,126 in the last ninety days. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Up 0.0 %

Shares of CDNS stock opened at $243.21 on Friday. The company has a 50 day simple moving average of $288.68 and a two-hundred day simple moving average of $285.44. The stock has a market cap of $66.67 billion, a P/E ratio of 63.01, a P/E/G ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 12 month low of $233.72 and a 12 month 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) last announced its earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. On average, research analysts expect that Cadence Design Systems, Inc. will post 5.41 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.