Petros Family Wealth LLC Makes New $314,000 Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Petros Family Wealth LLC bought a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 1,044 shares of the software maker's stock, valued at approximately $314,000.

Other large investors have also modified their holdings of the company. Avior Wealth Management LLC raised its stake in Cadence Design Systems by 12.4% during the fourth quarter. Avior Wealth Management LLC now owns 326 shares of the software maker's stock worth $98,000 after acquiring an additional 36 shares during the period. Accredited Investors Inc. grew its holdings in shares of Cadence Design Systems by 1.7% during the fourth quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker's stock valued at $654,000 after purchasing an additional 36 shares during the last quarter. Lindbrook Capital LLC lifted its holdings in shares of Cadence Design Systems by 1.7% in 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 last quarter. Oarsman Capital Inc. boosted its position in Cadence Design Systems by 3.8% during the 4th quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker's stock valued at $313,000 after purchasing an additional 38 shares during the period. Finally, Empower Advisory Group LLC grew its stake 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 worth $263,000 after buying an additional 41 shares during the last quarter. Institutional investors own 84.85% of the company's stock.

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Insider Activity

In other news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $292.32, for a total value of $190,008.00. Following the transaction, the vice president now owns 58,773 shares in the company, valued at $17,180,523.36. This represents a 1.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last quarter, insiders have sold 1,950 shares of company stock worth $518,499. 1.99% of the stock is owned by corporate insiders.

Cadence Design Systems Price Performance

NASDAQ:CDNS traded up $3.75 during trading hours on Tuesday, reaching $264.31. 1,856,416 shares of the company's stock were exchanged, compared to its average volume of 1,948,752. 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 company has a market capitalization of $72.50 billion, a P/E ratio of 68.47, a price-to-earnings-growth ratio of 3.88 and a beta of 1.14. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $328.99. The business's 50-day simple moving average is $260.59 and its two-hundred day simple moving average is $282.41.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) 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 company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on CDNS shares. Oppenheimer reduced their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a report on Wednesday, March 19th. Piper Sandler lifted their price target on Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a report on Wednesday, February 19th. Loop Capital decreased their price objective on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a report on Wednesday, February 19th. Bank of America lowered 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. Finally, Needham & Company LLC reissued a "buy" rating and issued a $325.00 price target on shares of Cadence Design Systems in a research note on Wednesday, February 19th. One 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 MarketBeat, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and a consensus price target of $320.67.

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.