Drive Wealth Management LLC Purchases Shares of 930 Cadence Design Systems, Inc. (NASDAQ:CDNS)

Drive Wealth Management LLC purchased a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 930 shares of the software maker’s stock, valued at approximately $253,000.

Several other hedge funds have also added to or reduced their stakes in CDNS. Fortitude Family Office LLC bought a new position in Cadence Design Systems during the 4th quarter worth $28,000. VisionPoint Advisory Group LLC bought a new position in Cadence Design Systems during the 2nd quarter worth $27,000. OFI Invest Asset Management bought a new position in Cadence Design Systems during the 3rd quarter worth $26,000. Atlas Capital Advisors LLC increased its position in Cadence Design Systems by 322.6% during the 2nd quarter. Atlas Capital Advisors LLC now owns 131 shares of the software maker’s stock worth $31,000 after buying an additional 100 shares during the period. Finally, State of Wyoming bought a new position in Cadence Design Systems during the 2nd quarter worth $39,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the transaction, the vice president now owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CEO Anirudh Devgan sold 1,454 shares of the company’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $441,870.60. Following the transaction, the chief executive officer now owns 136,455 shares of the company’s stock, valued at approximately $41,468,674.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Thomas P. Beckley sold 65,268 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total value of $19,383,290.64. Following the transaction, the vice president now directly owns 156,156 shares in the company, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 221,944 shares of company stock valued at $65,687,991. Insiders own 0.62% of the company’s stock.

Cadence Design Systems Trading Down 1.8 %

NASDAQ CDNS opened at $306.36 on Wednesday. The company has a market cap of $83.51 billion, a price-to-earnings ratio of 80.20, a P/E/G ratio of 3.79 and a beta of 1.04. Cadence Design Systems, Inc. has a 52 week low of $194.01 and a 52 week high of $327.36. The business has a 50 day moving average price of $303.72 and a 200-day moving average price of $273.50. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) last released its quarterly earnings data on Monday, February 12th. The software maker reported $1.38 EPS for the quarter, beating the consensus estimate of $1.33 by $0.05. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The firm had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter in the previous year, the company posted $0.75 earnings per share. The company’s quarterly revenue was up 18.8% on a year-over-year basis. As a group, equities analysts expect that Cadence Design Systems, Inc. will post 4.81 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Stifel Nicolaus raised their price target on Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, February 13th. Robert W. Baird lifted their target price on Cadence Design Systems from $289.00 to $302.00 and gave the company an “outperform” rating in a research report on Tuesday, February 13th. Morgan Stanley upgraded Cadence Design Systems from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. Rosenblatt Securities lowered Cadence Design Systems from a “buy” rating to a “neutral” rating and lifted their price target for the company from $265.00 to $280.00 in a research note on Tuesday, February 13th. Finally, StockNews.com raised Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Tuesday, March 12th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $311.33.

View Our Latest Research Report on CDNS

Cadence Design Systems Company Profile

(Free Report)

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.

Read More

Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

Receive News & Ratings for Cadence Design Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems and related companies with MarketBeat.com's FREE daily email newsletter.