Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by Teamwork Financial Advisors LLC

Teamwork Financial Advisors LLC raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 40.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 35,151 shares of the software maker's stock after purchasing an additional 10,037 shares during the period. Cadence Design Systems accounts for 1.7% of Teamwork Financial Advisors LLC's investment portfolio, making the stock its 18th biggest position. Teamwork Financial Advisors LLC's holdings in Cadence Design Systems were worth $10,942,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Parkside Financial Bank & Trust grew its position in Cadence Design Systems by 8.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker's stock worth $140,000 after acquiring an additional 38 shares in the last quarter. Highview Capital Management LLC DE boosted its holdings in shares of Cadence Design Systems by 0.8% in the 4th quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker's stock worth $1,411,000 after purchasing an additional 39 shares in the last quarter. Fiduciary Trust Co increased its position in shares of Cadence Design Systems by 0.6% during the 4th quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker's stock valued at $1,833,000 after purchasing an additional 39 shares during the last quarter. Wealthcare Advisory Partners LLC raised its holdings in shares of Cadence Design Systems by 4.5% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker's stock valued at $296,000 after buying an additional 41 shares in the last quarter. Finally, Capital Market Strategies LLC lifted its position in Cadence Design Systems by 3.4% in the 1st quarter. Capital Market Strategies LLC now owns 1,261 shares of the software maker's stock worth $393,000 after buying an additional 42 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm's stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $309.09, for a total value of $463,635.00. Following the completion of the transaction, the director now owns 48,051 shares in the company, valued at approximately $14,852,083.59. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company's stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $309.09, for a total value of $463,635.00. Following the sale, the director now directly owns 48,051 shares of the company's stock, valued at approximately $14,852,083.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Chin-Chi Teng sold 32,184 shares of Cadence Design Systems stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the transaction, the vice president now directly owns 95,408 shares of the company's stock, valued at $28,379,109.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 50,134 shares of company stock worth $14,978,483. Company insiders own 0.62% of the company's stock.

Cadence Design Systems Trading Down 0.4 %

Cadence Design Systems stock traded down $1.31 during mid-day trading on Thursday, reaching $315.47. 673,152 shares of the company traded hands, compared to its average volume of 1,556,732. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. Cadence Design Systems, Inc. has a 52-week low of $217.77 and a 52-week high of $328.99. The firm has a market capitalization of $85.94 billion, a price-to-earnings ratio of 82.15, a P/E/G ratio of 3.88 and a beta of 1.03. The firm's 50 day moving average price is $296.47 and its 200 day moving average price is $294.71.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating analysts' consensus estimates of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. During the same quarter in the previous year, the firm posted $1.02 EPS. The company's revenue for the quarter was down 1.2% compared to the same quarter last year. On average, analysts anticipate that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CDNS. Robert W. Baird boosted their price objective on shares of Cadence Design Systems from $322.00 to $341.00 and gave the stock an "outperform" rating in a report on Tuesday. Bank of America boosted their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company a "buy" rating in a research note on Thursday, May 30th. Piper Sandler reduced their price target on Cadence Design Systems from $334.00 to $318.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 23rd. StockNews.com downgraded Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, May 2nd. Finally, Needham & Company LLC restated a "buy" rating and issued a $320.00 target price on shares of Cadence Design Systems in a report on Friday, May 17th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $334.89.

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.