FourThought Financial Partners LLC Acquires Shares of 798 Cadence Design Systems, Inc. (NASDAQ:CDNS)

FourThought Financial Partners LLC acquired a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 798 shares of the software maker’s stock, valued at approximately $217,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CDNS. DekaBank Deutsche Girozentrale boosted its position in shares of Cadence Design Systems by 34.5% during the third quarter. DekaBank Deutsche Girozentrale now owns 386,993 shares of the software maker’s stock worth $91,775,000 after purchasing an additional 99,251 shares in the last quarter. Miracle Mile Advisors LLC bought a new position in shares of Cadence Design Systems during the fourth quarter worth $934,000. Pacer Advisors Inc. boosted its position in shares of Cadence Design Systems by 9.4% during the fourth quarter. Pacer Advisors Inc. now owns 40,409 shares of the software maker’s stock worth $11,006,000 after purchasing an additional 3,484 shares in the last quarter. Patton Fund Management Inc. bought a new position in shares of Cadence Design Systems during the fourth quarter worth $5,264,000. Finally, AEGON ASSET MANAGEMENT UK Plc acquired a new stake in shares of Cadence Design Systems during the fourth quarter worth $55,443,000. 84.85% of the stock is owned by institutional investors.

Insider Buying and Selling at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total transaction of $449,130.00. Following the completion of the sale, the director now directly owns 53,183 shares in the company, valued at $15,924,053.86. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total value of $19,383,290.64. Following the transaction, the vice president now directly owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total transaction of $449,130.00. Following the completion of the transaction, the director now directly owns 53,183 shares in the company, valued at $15,924,053.86. The disclosure for this sale can be found here. In the last ninety days, insiders sold 174,566 shares of company stock worth $52,649,105. 0.62% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

CDNS has been the topic of a number of research analyst reports. Piper Sandler dropped their price objective on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a report on Tuesday, April 23rd. Robert W. Baird boosted their price objective on shares of 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 restated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Monday, April 22nd. Stifel Nicolaus boosted their price objective on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, February 13th. Finally, Wells Fargo & Company boosted their price objective 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, April 16th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus target price of $326.11.

Cadence Design Systems Price Performance

NASDAQ CDNS traded up $2.47 during midday trading on Monday, hitting $284.10. The company had a trading volume of 526,607 shares, compared to its average volume of 1,570,406. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. Cadence Design Systems, Inc. has a twelve month low of $198.92 and a twelve month high of $327.36. The company has a market capitalization of $77.31 billion, a PE ratio of 73.34, a P/E/G ratio of 3.32 and a beta of 1.06. The firm has a 50-day moving average price of $302.02 and a 200-day moving average price of $282.59.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.04. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. Cadence Design Systems’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.02 EPS. As a group, analysts anticipate that Cadence Design Systems, Inc. will post 4.78 earnings per share for the current fiscal year.

About Cadence Design Systems

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.