Avantax Advisory Services Inc. Buys 2,275 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Avantax Advisory Services Inc. increased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 22.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,374 shares of the software maker's stock after purchasing an additional 2,275 shares during the period. Avantax Advisory Services Inc.'s holdings in Cadence Design Systems were worth $3,718,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of CDNS. Principal Financial Group Inc. lifted its holdings in Cadence Design Systems by 10.7% during the 4th quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker's stock valued at $672,300,000 after buying an additional 216,075 shares in the last quarter. Pittenger & Anderson Inc. grew its position in Cadence Design Systems by 50.1% during the 4th quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker's stock worth $1,589,000 after purchasing an additional 1,766 shares during the last quarter. Meridiem Investment Management Ltd. grew its position in Cadence Design Systems by 64.3% during the 4th quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker's stock worth $235,625,000 after purchasing an additional 306,887 shares during the last quarter. Nisa Investment Advisors LLC boosted its holdings in shares of Cadence Design Systems by 132.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker's stock valued at $41,850,000 after acquiring an additional 79,268 shares during the last quarter. Finally, Avanza Fonder AB purchased a new stake in shares of Cadence Design Systems in the 4th quarter valued at $6,046,000. 84.85% of the stock is currently owned by institutional investors.

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Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on CDNS shares. Redburn Atlantic assumed coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They issued a "buy" rating and a $350.00 target price for the company. Rosenblatt Securities raised their price target on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Wells Fargo & Company initiated coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They set an "overweight" rating and a $350.00 price objective for the company. Bank of America dropped their price target on shares of Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating for the company in a research report on Wednesday, February 19th. Finally, Piper Sandler lifted their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company 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 issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $326.92.

Cadence Design Systems Stock Performance

CDNS traded up $5.87 during trading hours on Friday, hitting $247.43. 2,271,059 shares of the stock were exchanged, compared to its average volume of 1,785,101. The stock has a 50-day simple moving average of $282.52 and a 200-day simple moving average of $284.22. Cadence Design Systems, Inc. has a 12 month low of $230.09 and a 12 month high of $328.99. The stock has a market cap of $67.82 billion, a price-to-earnings ratio of 64.10, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its earnings results 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 company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. Analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 650 shares of the business's stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total transaction of $198,146.00. Following the sale, the vice president now directly owns 59,311 shares in the company, valued at approximately $18,080,365.24. The trade was a 1.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Anirudh Devgan sold 93,151 shares of the business's stock in a transaction on Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. This represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 105,245 shares of company stock worth $32,534,498. 0.62% of the stock is currently owned by company insiders.

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.