Elite Wealth Management Inc. Has $2.84 Million Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Elite Wealth Management Inc. trimmed its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,429 shares of the software maker’s stock after selling 572 shares during the period. Cadence Design Systems comprises 0.2% of Elite Wealth Management Inc.’s holdings, making the stock its 20th largest position. Elite Wealth Management Inc.’s holdings in Cadence Design Systems were worth $2,841,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Highview Capital Management LLC DE increased its holdings in shares of 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 worth $1,411,000 after purchasing an additional 39 shares during the period. BSW Wealth Partners increased its holdings in shares of Cadence Design Systems by 2.8% during the fourth quarter. BSW Wealth Partners now owns 1,624 shares of the software maker’s stock worth $442,000 after purchasing an additional 44 shares during the period. Lindbrook Capital LLC increased its holdings in shares of Cadence Design Systems by 2.5% during the third quarter. Lindbrook Capital LLC now owns 1,844 shares of the software maker’s stock worth $432,000 after purchasing an additional 45 shares during the period. Savant Capital LLC increased its holdings in shares of Cadence Design Systems by 2.7% during the third quarter. Savant Capital LLC now owns 1,733 shares of the software maker’s stock worth $406,000 after purchasing an additional 45 shares during the period. Finally, Advisors Asset Management Inc. increased its holdings in shares of Cadence Design Systems by 9.0% during the third quarter. Advisors Asset Management Inc. now owns 545 shares of the software maker’s stock worth $128,000 after purchasing an additional 45 shares during the period. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Cadence Design Systems

In other news, CFO John M. Wall sold 36,000 shares of Cadence Design Systems stock in a transaction on Thursday, January 18th. The shares were sold at an average price of $277.46, for a total transaction of $9,988,560.00. Following the transaction, the chief financial officer now owns 80,594 shares in the company, valued at $22,361,611.24. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction on Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $186,276.00. Following the transaction, the senior vice president now owns 21,080 shares in the company, valued at $6,544,496.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO John M. Wall sold 36,000 shares of Cadence Design Systems stock in a transaction on Thursday, January 18th. The stock was sold at an average price of $277.46, for a total transaction of $9,988,560.00. Following the transaction, the chief financial officer now directly owns 80,594 shares of the company’s stock, valued at approximately $22,361,611.24. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 212,044 shares of company stock worth $63,106,522. Company insiders own 0.62% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Robert W. Baird raised their target price on shares of Cadence Design Systems from $289.00 to $302.00 and gave the stock an “outperform” rating in a report on Tuesday, February 13th. Rosenblatt Securities cut shares of Cadence Design Systems from a “buy” rating to a “neutral” rating and raised their target price for the stock from $265.00 to $280.00 in a report on Tuesday, February 13th. Piper Sandler started coverage on shares of Cadence Design Systems in a research note on Thursday, April 4th. They issued a “neutral” rating and a $334.00 price objective on the stock. Wells Fargo & Company lifted their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday. Finally, KeyCorp lifted their price objective on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research note on Monday. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $316.10.

Cadence Design Systems Price Performance

Cadence Design Systems stock traded down $5.03 during mid-day trading on Wednesday, reaching $295.78. The company had a trading volume of 406,283 shares, compared to its average volume of 1,465,598. Cadence Design Systems, Inc. has a fifty-two week low of $194.01 and a fifty-two week high of $327.36. The company has a current ratio of 1.24, a quick ratio of 1.13 and a debt-to-equity ratio of 0.09. The company has a market cap of $80.52 billion, a P/E ratio of 78.75, a P/E/G ratio of 3.66 and a beta of 1.04. The business has a fifty day simple moving average of $306.73 and a 200 day simple moving average of $279.25.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.05. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The firm had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same quarter last year, the business posted $0.75 earnings per share. The company’s quarterly revenue was up 18.8% on a year-over-year basis. On average, equities research analysts predict that Cadence Design Systems, Inc. will post 4.82 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.