9,904 Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS) Purchased by Spahn Wealth & Retirement LLC

Spahn Wealth & Retirement LLC bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The fund bought 9,904 shares of the software maker's stock, valued at approximately $2,976,000. Cadence Design Systems accounts for 2.0% of Spahn Wealth & Retirement LLC's investment portfolio, making the stock its 20th largest holding.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Arete Wealth Advisors LLC bought a new stake in Cadence Design Systems in the 4th quarter valued at about $222,000. World Investment Advisors raised its position in shares of Cadence Design Systems by 100.6% in the fourth quarter. World Investment Advisors now owns 14,960 shares of the software maker's stock valued at $4,495,000 after purchasing an additional 7,503 shares during the period. Westpac Banking Corp lifted its stake in shares of Cadence Design Systems by 279.0% during the 4th quarter. Westpac Banking Corp now owns 11,811 shares of the software maker's stock valued at $3,549,000 after buying an additional 8,695 shares in the last quarter. Nicolet Advisory Services LLC grew its stake in Cadence Design Systems by 21.9% in the 4th quarter. Nicolet Advisory Services LLC now owns 1,777 shares of the software maker's stock valued at $531,000 after buying an additional 319 shares in the last quarter. Finally, Huntington National Bank raised its holdings in Cadence Design Systems by 15.1% during the 4th quarter. Huntington National Bank now owns 2,132 shares of the software maker's stock valued at $641,000 after acquiring an additional 279 shares during the period. 84.85% of the stock is owned by institutional investors.

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Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the transaction, the vice president now directly owns 58,123 shares in the company, valued at approximately $14,689,425.79. This represents a 1.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders have sold 1,950 shares of company stock worth $518,499. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Trading Up 2.4 %

Shares of NASDAQ CDNS traded up $5.58 during midday trading on Tuesday, reaching $239.40. The company had a trading volume of 806,545 shares, compared to its average volume of 1,913,722. The firm's fifty day moving average price is $266.96 and its 200-day moving average price is $283.52. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $328.99. The stock has a market cap of $65.67 billion, a PE ratio of 62.34, a price-to-earnings-growth ratio of 3.88 and a beta of 1.14.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts' consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. On average, equities research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Analysts Set New Price Targets

CDNS has been the subject of several recent research reports. Redburn Atlantic began coverage on Cadence Design Systems in a research report on Monday, January 13th. They issued a "buy" rating and a $350.00 price target for the company. Needham & Company LLC reaffirmed a "buy" rating and set a $325.00 target price on shares of Cadence Design Systems in a report on Wednesday, February 19th. StockNews.com downgraded shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. Rosenblatt Securities boosted their price objective on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Finally, Piper Sandler upped their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $324.83.

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.