Callan Family Office LLC Buys New Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Callan Family Office LLC purchased a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 3,023 shares of the software maker's stock, valued at approximately $908,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Welch & Forbes LLC acquired a new stake in Cadence Design Systems during the 4th quarter worth about $204,000. E Fund Management Co. Ltd. grew its position in Cadence Design Systems by 88.9% during the 4th quarter. E Fund Management Co. Ltd. now owns 12,207 shares of the software maker's stock worth $3,668,000 after purchasing an additional 5,746 shares during the period. Vestmark Advisory Solutions Inc. grew its position in Cadence Design Systems by 22.1% during the 4th quarter. Vestmark Advisory Solutions Inc. now owns 3,054 shares of the software maker's stock worth $918,000 after purchasing an additional 552 shares during the period. Freestone Capital Holdings LLC grew its position in Cadence Design Systems by 2.4% during the 4th quarter. Freestone Capital Holdings LLC now owns 2,157 shares of the software maker's stock worth $648,000 after purchasing an additional 50 shares during the period. Finally, Lindbrook Capital LLC grew its position in Cadence Design Systems by 1.7% during the 4th quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker's stock worth $670,000 after purchasing an additional 38 shares during the period. 84.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently commented on CDNS. Needham & Company LLC restated a "buy" rating and set a $325.00 target price on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Mizuho raised their target price on Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a research report on Friday, December 13th. Bank of America dropped their target price on Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating on the stock in a research report on Wednesday, February 19th. Wells Fargo & Company began coverage on Cadence Design Systems in a research report on Friday, November 22nd. They set an "overweight" rating and a $350.00 target price on the stock. Finally, Piper Sandler raised their target price on Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $326.92.

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Cadence Design Systems Price Performance

CDNS traded up $0.05 during trading on Friday, reaching $243.21. The company's stock had a trading volume of 2,405,879 shares, compared to its average volume of 1,766,864. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The firm has a fifty day simple moving average of $288.68 and a two-hundred day simple moving average of $285.44. Cadence Design Systems, Inc. has a 1 year low of $233.72 and a 1 year high of $328.99. The company has a market cap of $66.67 billion, a price-to-earnings ratio of 63.01, a PEG ratio of 3.88 and a beta of 1.05.

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). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. As a group, analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insiders Place Their Bets

In other news, VP Paul Scannell sold 3,171 shares of Cadence Design Systems stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $305.78, for a total transaction of $969,628.38. Following the sale, the vice president now owns 14,318 shares of the company's stock, valued at approximately $4,378,158.04. The trade was a 18.13 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. The trade was a 62.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock valued at $33,504,126 in the last ninety days. 1.99% of the stock is currently 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.