Cadence Design Systems, Inc. (NASDAQ:CDNS) is BNC Wealth Management LLC's 9th Largest Position

BNC Wealth Management LLC increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 5.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 22,931 shares of the software maker's stock after acquiring an additional 1,159 shares during the period. Cadence Design Systems comprises about 2.3% of BNC Wealth Management LLC's holdings, making the stock its 9th largest holding. BNC Wealth Management LLC's holdings in Cadence Design Systems were worth $6,890,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Dudley Capital Management LLC increased its holdings in Cadence Design Systems by 4.3% during the 3rd quarter. Dudley Capital Management LLC now owns 948 shares of the software maker's stock valued at $257,000 after purchasing an additional 39 shares during the period. Trust Point Inc. increased its holdings in Cadence Design Systems by 2.9% during the 3rd quarter. Trust Point Inc. now owns 1,397 shares of the software maker's stock valued at $379,000 after purchasing an additional 40 shares during the period. Falcon Wealth Planning increased its holdings in Cadence Design Systems by 5.1% during the 3rd quarter. Falcon Wealth Planning now owns 819 shares of the software maker's stock valued at $222,000 after purchasing an additional 40 shares during the period. Fifth Third Wealth Advisors LLC increased its holdings in Cadence Design Systems by 0.7% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker's stock valued at $1,501,000 after purchasing an additional 40 shares during the period. Finally, Venture Visionary Partners LLC grew its holdings in shares of Cadence Design Systems by 2.5% during the 3rd quarter. Venture Visionary Partners LLC now owns 1,709 shares of the software maker's stock worth $463,000 after acquiring an additional 41 shares during the period. Institutional investors own 84.85% of the company's stock.

Cadence Design Systems Stock Up 2.2 %

CDNS stock traded up $6.70 during midday trading on Friday, hitting $305.60. The company's stock had a trading volume of 1,567,258 shares, compared to its average volume of 1,176,470. The company has a market cap of $83.81 billion, a PE ratio of 80.21, a P/E/G ratio of 3.44 and a beta of 1.04. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The firm's 50-day moving average is $304.43 and its 200-day moving average is $284.94.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.20. The business had revenue of $1.22 billion for the quarter, compared to analysts' expectations of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm's quarterly revenue was up 18.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.01 EPS. On average, equities research analysts forecast that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Robert W. Baird upped their target price on Cadence Design Systems from $332.00 to $340.00 and gave the stock an "outperform" rating in a report on Tuesday, October 29th. Mizuho upped their target price on Cadence Design Systems from $325.00 to $350.00 and gave the stock an "outperform" rating in a report on Friday, December 13th. Oppenheimer assumed coverage on Cadence Design Systems in a report on Wednesday, September 25th. They set an "underperform" rating and a $225.00 target price on the stock. Rosenblatt Securities reiterated a "neutral" rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 29th. Finally, Berenberg Bank assumed coverage on Cadence Design Systems in a report on Tuesday, October 15th. They set a "buy" rating and a $320.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $329.50.

Insider Activity at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $306.19, for a total transaction of $199,023.50. Following the transaction, the vice president now directly owns 60,461 shares of the company's stock, valued at $18,512,553.59. This represents a 1.06 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Paul Scannell sold 3,171 shares of the stock in a transaction on Friday, December 13th. The shares were sold at an average price of $305.78, for a total value of $969,628.38. Following the transaction, the vice president now directly owns 14,318 shares in the company, valued at $4,378,158.04. The trade was a 18.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 108,416 shares of company stock valued at $33,528,267. 1.99% of the stock is owned by corporate insiders.

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.