Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by Avantax Advisory Services Inc.

Avantax Advisory Services Inc. increased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 22.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 12,374 shares of the software maker's stock after purchasing an additional 2,275 shares during the quarter. Avantax Advisory Services Inc.'s holdings in Cadence Design Systems were worth $3,718,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of CDNS. Golden State Wealth Management LLC purchased a new position in shares of Cadence Design Systems during the 4th quarter valued at approximately $28,000. MidAtlantic Capital Management Inc. purchased a new position in Cadence Design Systems during the third quarter valued at $28,000. Versant Capital Management Inc grew its position in shares of Cadence Design Systems by 164.2% in the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock valued at $42,000 after purchasing an additional 87 shares during the period. OFI Invest Asset Management purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth about $46,000. Finally, Prestige Wealth Management Group LLC increased its stake in shares of Cadence Design Systems by 56.6% during the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker's stock worth $45,000 after purchasing an additional 60 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Insider Transactions at Cadence Design Systems

In other news, CFO John M. Wall sold 4,224 shares of the business's stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total value of $1,305,342.72. Following the completion of the sale, the chief financial officer now directly owns 29,248 shares of the company's stock, valued at approximately $9,038,509.44. The trade was a 12.62 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Anirudh Devgan sold 5,920 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total value of $1,799,916.80. Following the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $16,987,930.96. This trade represents a 9.58 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 105,245 shares of company stock valued at $32,534,498. 1.99% of the stock is currently owned by corporate insiders.

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Cadence Design Systems Trading Up 3.8 %

Shares of CDNS stock traded up $9.31 during trading on Monday, hitting $256.74. 1,482,147 shares of the stock traded hands, compared to its average volume of 1,784,120. The firm's fifty day moving average price is $282.52 and its 200-day moving average price is $284.37. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The firm has a market capitalization of $70.37 billion, a P/E ratio of 66.50, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 52-week low of $230.09 and a 52-week high of $328.99.

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

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on CDNS shares. Piper Sandler lifted their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a report on Wednesday, February 19th. Needham & Company LLC reaffirmed a "buy" rating and issued a $325.00 price target on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Rosenblatt Securities increased their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Bank of America dropped their target price on shares of Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating for the company in a report on Wednesday, February 19th. Finally, Loop Capital lowered their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a research report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and a consensus target price of $326.92.

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.