Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Merit Financial Group LLC

Merit Financial Group LLC raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 153.7% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 2,808 shares of the software maker’s stock after acquiring an additional 1,701 shares during the period. Merit Financial Group LLC’s holdings in Cadence Design Systems were worth $765,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. OFI Invest Asset Management acquired a new stake in shares of Cadence Design Systems in the 3rd quarter worth $26,000. Valley National Advisers Inc. increased its holdings in Cadence Design Systems by 90.4% during the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after acquiring an additional 47 shares in the last quarter. Fortitude Family Office LLC purchased a new position in Cadence Design Systems during the 4th quarter valued at about $28,000. Rakuten Securities Inc. purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth about $45,000. Finally, Catalyst Capital Advisors LLC grew its holdings in shares of Cadence Design Systems by 34.7% during the third quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker’s stock worth $47,000 after buying an additional 52 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on CDNS shares. Morgan Stanley upgraded shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. Stifel Nicolaus lifted their price target on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday, February 13th. Wells Fargo & Company lifted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research report on Monday, April 22nd. Finally, StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average price target of $326.11.

Insider Transactions at Cadence Design Systems

In related news, Director James D. Plummer sold 2,412 shares of Cadence Design Systems stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $315.40, for a total value of $760,744.80. Following the completion of the sale, the director now owns 22,923 shares in the company, valued at $7,229,914.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Cadence Design Systems news, Director James D. Plummer sold 2,412 shares of the business’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $315.40, for a total transaction of $760,744.80. Following the completion of the sale, the director now owns 22,923 shares in the company, valued at $7,229,914.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 1,000 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $275,360.00. Following the sale, the vice president now directly owns 67,144 shares in the company, valued at $18,488,771.84. The disclosure for this sale can be found here. Over the last three months, insiders have sold 173,066 shares of company stock valued at $52,199,975. Corporate insiders own 0.62% of the company’s stock.

Cadence Design Systems Trading Up 1.3 %

Shares of CDNS stock opened at $285.19 on Tuesday. The stock has a market cap of $77.61 billion, a price-to-earnings ratio of 74.27, a price-to-earnings-growth ratio of 3.32 and a beta of 1.06. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. Cadence Design Systems, Inc. has a fifty-two week low of $198.92 and a fifty-two week high of $327.36. The firm’s 50 day moving average price is $301.65 and its two-hundred day moving average price is $282.88.

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