Belpointe Asset Management LLC Has $983,000 Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Belpointe Asset Management LLC boosted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 132.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,270 shares of the software maker's stock after purchasing an additional 1,866 shares during the period. Belpointe Asset Management LLC's holdings in Cadence Design Systems were worth $983,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its position 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 worth $672,300,000 after acquiring an additional 216,075 shares during the period. Pittenger & Anderson Inc. grew its stake in Cadence Design Systems by 50.1% in the fourth quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker's stock valued at $1,589,000 after purchasing an additional 1,766 shares in the last quarter. Meridiem Investment Management Ltd. raised its stake in shares of 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 in the last quarter. Nisa Investment Advisors LLC increased its holdings in Cadence Design Systems by 132.1% in the fourth quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker's stock worth $41,850,000 after buying an additional 79,268 shares during the last quarter. Finally, Avanza Fonder AB acquired a new stake in Cadence Design Systems in the fourth quarter valued at approximately $6,046,000. 84.85% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CDNS. Oppenheimer reduced their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research note on Wednesday, March 19th. Needham & Company LLC reissued a "buy" rating and issued a $325.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Rosenblatt Securities raised their price target on Cadence Design Systems from $280.00 to $295.00 and gave the company a "neutral" rating in a research report on Wednesday, February 19th. Redburn Atlantic started coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a "buy" rating and a $350.00 target price on the stock. Finally, Robert W. Baird reduced their price objective on Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating for the company in a research report on Thursday, February 20th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $320.67.

Insider Buying and Selling

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 transaction of $164,274.50. Following the completion of the sale, the vice president now owns 58,123 shares in the company, valued at approximately $14,689,425.79. The trade was a 1.11 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders sold a total of 1,950 shares of company stock valued at $518,499 over the last ninety days. Insiders own 0.37% of the company's stock.

Cadence Design Systems Price Performance

Shares of CDNS stock traded down $8.06 during trading hours on Monday, reaching $252.16. 137,592 shares of the company were exchanged, compared to its average volume of 1,943,567. 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 stock's fifty day moving average is $257.23 and its two-hundred day moving average is $282.25. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $328.99. The company has a market cap of $69.17 billion, a price-to-earnings ratio of 65.33, a P/E/G ratio of 3.88 and a beta of 1.14.

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

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.