Concord Wealth Partners Grows Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Concord Wealth Partners boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 89.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,908 shares of the software maker’s stock after purchasing an additional 903 shares during the period. Concord Wealth Partners’ holdings in Cadence Design Systems were worth $520,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Nordea Investment Management AB increased its holdings in shares of Cadence Design Systems by 124.8% in the fourth quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock worth $515,995,000 after purchasing an additional 1,052,228 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Cadence Design Systems by 143.3% in the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock worth $383,062,000 after purchasing an additional 962,987 shares during the last quarter. Jennison Associates LLC increased its holdings in shares of Cadence Design Systems by 8.7% in the third quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock worth $1,651,166,000 after purchasing an additional 564,085 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Cadence Design Systems by 261.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock worth $169,022,000 after purchasing an additional 448,918 shares during the last quarter. Finally, International Assets Investment Management LLC increased its holdings in shares of Cadence Design Systems by 26,060.9% in the fourth quarter. International Assets Investment Management LLC now owns 278,090 shares of the software maker’s stock worth $757,430,000 after purchasing an additional 277,027 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Down 0.4 %

Shares of NASDAQ:CDNS opened at $274.55 on Thursday. Cadence Design Systems, Inc. has a 1 year low of $198.92 and a 1 year high of $327.36. The business has a 50 day simple moving average of $303.04 and a two-hundred day simple moving average of $281.95. The firm has a market capitalization of $74.71 billion, a PE ratio of 71.50, a price-to-earnings-growth ratio of 3.24 and a beta of 1.06. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. During the same quarter in the previous year, the business earned $1.02 earnings per share. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. On average, equities analysts predict that Cadence Design Systems, Inc. will post 4.78 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. KeyCorp boosted their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Robert W. Baird boosted their price objective on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research note on Thursday, April 18th. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Monday, April 22nd. Needham & Company LLC reissued a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research note on Friday, April 19th. Finally, Wells Fargo & Company boosted their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $326.11.

Insider Activity at Cadence Design Systems

In related news, VP Aneel Zaman sold 1,207 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $366,807.30. Following the completion of the sale, the vice president now owns 61,150 shares in the company, valued at $18,583,485. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total value of $449,130.00. Following the completion of the sale, the director now owns 53,183 shares in the company, valued at $15,924,053.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Aneel Zaman sold 1,207 shares of the company’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $366,807.30. Following the sale, the vice president now owns 61,150 shares of the company’s stock, valued at approximately $18,583,485. The disclosure for this sale can be found here. Over the last quarter, insiders sold 173,044 shares of company stock worth $52,231,207. Company insiders own 1.99% of the company’s stock.

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.