Dock Street Asset Management Inc. Has $20.68 Million Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Dock Street Asset Management Inc. increased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 75,908 shares of the software maker’s stock after buying an additional 558 shares during the period. Cadence Design Systems accounts for about 3.2% of Dock Street Asset Management Inc.’s investment portfolio, making the stock its 10th biggest holding. Dock Street Asset Management Inc.’s holdings in Cadence Design Systems were worth $20,675,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Highview Capital Management LLC DE lifted its stake in shares of Cadence Design Systems by 0.8% during the 4th quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock worth $1,411,000 after buying an additional 39 shares during the last quarter. BSW Wealth Partners lifted its stake in shares of Cadence Design Systems by 2.8% during 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 during the last quarter. Lindbrook Capital LLC lifted its stake in shares of Cadence Design Systems by 2.5% during the 3rd quarter. Lindbrook Capital LLC now owns 1,844 shares of the software maker’s stock worth $432,000 after buying an additional 45 shares during the last quarter. Savant Capital LLC lifted its stake in shares of Cadence Design Systems by 2.7% during 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, Advisors Asset Management Inc. lifted its stake in shares of Cadence Design Systems by 9.0% during the 3rd quarter. Advisors Asset Management Inc. now owns 545 shares of the software maker’s stock worth $128,000 after buying an additional 45 shares during the last quarter. 84.85% of the stock is owned by institutional investors.

Analyst Ratings Changes

CDNS has been the subject of a number of research reports. Piper Sandler initiated coverage on shares of Cadence Design Systems in a research note on Thursday, April 4th. They set a “neutral” rating and a $334.00 target price for the company. Wells Fargo & Company raised their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday. Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $260.00 to $350.00 in a research report on Wednesday, February 14th. Robert W. Baird raised their price target on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research report on Thursday. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Wednesday, March 6th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $318.10.

Cadence Design Systems Price Performance

Shares of CDNS traded down $5.20 during mid-day trading on Thursday, reaching $288.51. The company had a trading volume of 649,906 shares, compared to its average volume of 1,460,932. The company’s 50 day simple moving average is $306.58 and its 200 day simple moving average is $279.35. Cadence Design Systems, Inc. has a 1-year low of $194.01 and a 1-year high of $327.36. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24. The company has a market capitalization of $78.54 billion, a price-to-earnings ratio of 76.89, a P/E/G ratio of 3.65 and a beta of 1.04.

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

Insider Transactions at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 4,500 shares of Cadence Design Systems stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $300.00, for a total value of $1,350,000.00. Following the completion of the sale, the director now owns 54,683 shares in the company, valued at approximately $16,404,900. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Vincentelli Albert Sangiovanni sold 4,500 shares of Cadence Design Systems stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $300.00, for a total value of $1,350,000.00. Following the completion of the sale, the director now owns 54,683 shares in the company, valued at approximately $16,404,900. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction 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 completion of the sale, the vice president now owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 177,544 shares of company stock worth $53,581,207. Company insiders own 1.99% of the company’s stock.

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.