WJ Wealth Management LLC Decreases Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

WJ Wealth Management LLC decreased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,110 shares of the software maker’s stock after selling 166 shares during the quarter. WJ Wealth Management LLC’s holdings in Cadence Design Systems were worth $1,279,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of CDNS. Valley National Advisers Inc. lifted its stake in Cadence Design Systems by 90.4% in the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after acquiring an additional 47 shares during the last quarter. Fortitude Family Office LLC purchased a new stake in shares of Cadence Design Systems during the 4th quarter worth $28,000. Annapolis Financial Services LLC purchased a new position in Cadence Design Systems in the first quarter valued at $32,000. Union Savings Bank acquired a new stake in Cadence Design Systems in the fourth quarter valued at $33,000. Finally, Rise Advisors LLC purchased a new stake in Cadence Design Systems during the 1st quarter worth about $45,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. KeyCorp boosted their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Monday, April 22nd. Bank of America raised their price target on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Finally, Piper Sandler reduced their price objective on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research note on Tuesday, April 23rd. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $332.78.

Cadence Design Systems Price Performance

CDNS traded down $0.17 during midday trading on Friday, reaching $307.75. 2,312,595 shares of the company’s stock were exchanged, compared to its average volume of 1,602,099. The business’s 50-day moving average price is $294.50 and its 200 day moving average price is $293.96. The stock has a market capitalization of $83.84 billion, a PE ratio of 80.14, a P/E/G ratio of 3.77 and a beta of 1.04. Cadence Design Systems, Inc. has a 1-year low of $217.77 and a 1-year high of $328.99. 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 (NASDAQ:CDNS) last posted its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. During the same quarter in the prior year, the company earned $1.02 EPS. Cadence Design Systems’s revenue was down 1.2% on a year-over-year basis. As a group, equities analysts anticipate that Cadence Design Systems, Inc. will post 4.77 EPS for the current fiscal year.

Insider Buying and Selling

In related news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $310.46, for a total value of $186,276.00. Following the sale, the senior vice president now directly owns 21,080 shares of the company’s stock, valued at $6,544,496.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $308.83, for a total transaction of $463,245.00. Following the completion of the sale, the director now owns 50,183 shares in the company, valued at approximately $15,498,015.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $186,276.00. Following the completion of the transaction, the senior vice president now owns 21,080 shares in the company, valued at approximately $6,544,496.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 41,134 shares of company stock worth $12,232,169. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Profile

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.