Redwood Park Advisors LLC Makes New $454,000 Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Redwood Park Advisors LLC purchased a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 1,511 shares of the software maker's stock, valued at approximately $454,000. Cadence Design Systems makes up 0.3% of Redwood Park Advisors LLC's holdings, making the stock its 24th biggest holding.

A number of other large investors have also added to or reduced their stakes in CDNS. Golden State Wealth Management LLC purchased a new stake in Cadence Design Systems during the fourth quarter valued at approximately $28,000. Avalon Trust Co purchased a new stake in shares of Cadence Design Systems in the fourth quarter worth approximately $39,000. Versant Capital Management Inc lifted its stake in shares of Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock worth $42,000 after acquiring an additional 87 shares during the last quarter. OFI Invest Asset Management purchased a new position in Cadence Design Systems during the 4th quarter valued at $46,000. Finally, Prestige Wealth Management Group LLC grew its position in Cadence Design Systems by 56.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker's stock valued at $45,000 after acquiring an additional 60 shares during the last quarter. Institutional investors own 84.85% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CDNS. Robert W. Baird lowered their target price on shares of Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating for the company in a research note on Thursday, February 20th. Loop Capital reduced their target price on shares of 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. Rosenblatt Securities upped their price objective on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Redburn Atlantic began coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They issued a "buy" rating and a $350.00 price target for the company. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $325.00 price target on shares of Cadence Design Systems in a research report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $324.83.

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Insider Activity

In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total transaction of $164,274.50. Following the completion of the transaction, the vice president now directly owns 58,123 shares in the company, valued at approximately $14,689,425.79. This trade represents a 1.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 1,950 shares of company stock valued at $518,499 in the last quarter. 1.99% of the stock is currently owned by company insiders.

Cadence Design Systems Stock Performance

NASDAQ CDNS traded up $1.09 during trading hours on Monday, reaching $260.56. The stock had a trading volume of 1,425,230 shares, compared to its average volume of 1,946,702. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $328.99. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The stock has a market cap of $71.48 billion, a P/E ratio of 67.50, a price-to-earnings-growth ratio of 3.88 and a beta of 1.14. The stock has a fifty day moving average of $261.43 and a 200 day moving average of $282.51.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings data 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). The business had revenue of $1.36 billion during the quarter, compared to analyst estimates 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 predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

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.