Fortis Capital Advisors LLC Takes Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Fortis Capital Advisors LLC purchased a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 1,872 shares of the software maker's stock, valued at approximately $562,000.

Other hedge funds also recently modified their holdings of the company. Golden State Wealth Management LLC purchased a new stake in Cadence Design Systems during the fourth quarter worth about $28,000. Avalon Trust Co purchased a new stake in shares of Cadence Design Systems in the fourth quarter worth about $39,000. Versant Capital Management Inc grew its stake in Cadence Design Systems by 164.2% during the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock valued at $42,000 after acquiring an additional 87 shares in the last quarter. OFI Invest Asset Management purchased a new stake in Cadence Design Systems in the 4th quarter worth approximately $46,000. Finally, Synergy Investment Management LLC bought a new position in shares of Cadence Design Systems during the 4th quarter valued at $50,000. Hedge funds and other institutional investors own 84.85% of the company's stock.

Analyst Ratings Changes

CDNS has been the topic of several recent research reports. Bank of America reduced their price target 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. Needham & Company LLC reaffirmed a "buy" rating and set a $325.00 target price on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Mizuho decreased their price objective on shares of Cadence Design Systems from $350.00 to $300.00 and set an "outperform" rating for the company in a report on Tuesday. Loop Capital dropped their price objective on 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. Finally, Piper Sandler raised their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Cadence Design Systems has a consensus rating of "Moderate Buy" and an average price target of $320.67.

Insiders Place Their Bets

In related news, VP Paul Cunningham sold 650 shares of the business's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total value of $164,216.00. Following the completion of the transaction, the vice president now directly owns 108,799 shares in the company, valued at $27,486,979.36. The trade was a 0.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In the last ninety days, insiders sold 1,950 shares of company stock valued at $518,499. 0.37% of the stock is owned by insiders.

Cadence Design Systems Stock Up 1.3 %

CDNS stock traded up $3.33 during trading on Thursday, hitting $262.59. 1,125,795 shares of the company's stock traded hands, compared to its average volume of 1,947,758. 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 market capitalization of $72.03 billion, a P/E ratio of 68.01, a PEG ratio of 3.88 and a beta of 1.14. The business has a fifty day simple moving average of $259.01 and a two-hundred day simple moving average of $282.13. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts' consensus estimates of $1.82 by ($0.33). The firm had revenue of $1.36 billion during 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 anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current 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.