Leelyn Smith LLC Buys Shares of 2,688 Cadence Design Systems, Inc. (NASDAQ:CDNS)

Leelyn Smith LLC acquired a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 2,688 shares of the software maker's stock, valued at approximately $808,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Avior Wealth Management LLC grew its holdings in Cadence Design Systems by 12.4% during the 4th quarter. Avior Wealth Management LLC now owns 326 shares of the software maker's stock valued at $98,000 after buying an additional 36 shares in the last quarter. Lindbrook Capital LLC grew its holdings 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 valued at $670,000 after buying an additional 38 shares in the last quarter. Fifth Third Wealth Advisors LLC grew 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 buying an additional 40 shares in the last quarter. Empower Advisory Group LLC grew its holdings in Cadence Design Systems by 4.9% during the 4th quarter. Empower Advisory Group LLC now owns 875 shares of the software maker's stock valued at $263,000 after buying an additional 41 shares in the last quarter. Finally, Marcum Wealth LLC grew its holdings in Cadence Design Systems by 4.1% during the 4th quarter. Marcum Wealth LLC now owns 1,123 shares of the software maker's stock valued at $337,000 after buying an additional 44 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Remove Ads

Analysts Set New Price Targets

A number of research firms have recently commented on CDNS. Needham & Company LLC reiterated a "buy" rating and set a $325.00 target price on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Oppenheimer lowered their target price on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research report on Wednesday. Bank of America lowered their target price on 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. Mizuho increased 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. Finally, Redburn Atlantic began coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a "buy" rating and a $350.00 target price for the company. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $324.83.

Cadence Design Systems Trading Up 1.5 %

Shares of NASDAQ:CDNS traded up $3.92 on Friday, hitting $262.42. 5,699,757 shares of the company's stock were exchanged, compared to its average volume of 1,808,509. 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 capitalization of $71.93 billion, a price-to-earnings ratio of 67.98, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. The business's 50 day simple moving average is $278.01 and its two-hundred day simple moving average is $283.79. 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 released its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $1.35 billion. Analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Transactions at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 5,920 shares of the firm's stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the transaction, the chief executive officer now owns 55,874 shares in the company, valued at approximately $16,987,930.96. This trade represents a 9.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the transaction, the vice president now owns 58,123 shares in the company, valued at approximately $14,689,425.79. This represents a 1.11 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 101,021 shares of company stock worth $31,229,155. 1.99% of the stock is currently owned by insiders.

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.