Steward Partners Investment Advisory LLC Raises Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Steward Partners Investment Advisory LLC raised its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 60.4% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 24,668 shares of the software maker's stock after purchasing an additional 9,291 shares during the quarter. Steward Partners Investment Advisory LLC's holdings in Cadence Design Systems were worth $7,412,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Missouri Trust & Investment Co bought a new stake in Cadence Design Systems during the 3rd quarter valued at about $27,000. MidAtlantic Capital Management Inc. bought a new stake in Cadence Design Systems during the 3rd quarter valued at about $28,000. Golden State Wealth Management LLC bought a new stake in Cadence Design Systems during the 4th quarter valued at about $28,000. Versant Capital Management Inc increased its stake in Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock valued at $42,000 after purchasing an additional 87 shares in the last quarter. Finally, Prestige Wealth Management Group LLC increased its stake in Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker's stock valued at $45,000 after purchasing an additional 60 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Price Performance

CDNS traded up $0.05 during trading hours on Friday, hitting $243.21. The company's stock had a trading volume of 2,405,879 shares, compared to its average volume of 1,765,048. The business's 50-day moving average price is $288.68 and its 200-day moving average price is $285.42. Cadence Design Systems, Inc. has a 12 month low of $233.72 and a 12 month high of $328.99. The stock has a market cap of $66.67 billion, a price-to-earnings ratio of 63.01, a P/E/G ratio of 3.88 and a beta of 1.05. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53.

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Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly 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 during the quarter, compared to the consensus estimate of $1.35 billion. Sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cadence Design Systems news, CFO John M. Wall sold 4,224 shares of the business's stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $309.03, for a total transaction of $1,305,342.72. Following the transaction, the chief financial officer now owns 29,248 shares in the company, valued at $9,038,509.44. The trade was a 12.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Anirudh Devgan sold 5,920 shares of the business's stock in a transaction on Thursday, January 2nd. The shares were 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 $16,987,930.96. This trade represents a 9.58 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 108,416 shares of company stock worth $33,504,126. Insiders own 1.99% of the company's stock.

Analysts Set New Price Targets

CDNS has been the subject of a number of research analyst reports. StockNews.com lowered shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Mizuho lifted their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an "outperform" rating in a research note on Friday, December 13th. Needham & Company LLC reiterated a "buy" rating and issued a $325.00 price target on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Rosenblatt Securities raised their price objective on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Finally, Robert W. Baird dropped their price objective on shares of Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating on the stock in a report on Thursday, February 20th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $326.92.

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.