Ashton Thomas Private Wealth LLC Has $3.20 Million Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Ashton Thomas Private Wealth LLC grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.0% during the first quarter, Holdings Channel.com reports. The institutional investor owned 10,276 shares of the software maker’s stock after acquiring an additional 204 shares during the quarter. Ashton Thomas Private Wealth LLC’s holdings in Cadence Design Systems were worth $3,199,000 at the end of the most recent quarter.

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

Insider Buying and Selling at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $308.83, for a total value of $463,245.00. Following the transaction, the director now directly owns 50,183 shares in the company, valued at $15,498,015.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $308.83, for a total transaction of $463,245.00. Following the transaction, the director now owns 50,183 shares in the company, valued at approximately $15,498,015.89. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $307.75, for a total value of $184,650.00. Following the completion of the transaction, the senior vice president now owns 19,280 shares in the company, valued at approximately $5,933,420. The disclosure for this sale can be found here. Insiders have sold a total of 50,134 shares of company stock valued at $14,978,483 in the last ninety days. 0.62% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Needham & Company LLC restated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a report on Friday, May 17th. Robert W. Baird upped their price objective on Cadence Design Systems from $322.00 to $341.00 and gave the stock an “outperform” rating in a research report on Tuesday. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Wells Fargo & Company increased their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. Finally, Rosenblatt Securities restated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Monday, April 22nd. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $334.89.

Cadence Design Systems Stock Performance

NASDAQ:CDNS traded up $3.69 on Friday, hitting $319.16. The company’s stock had a trading volume of 225,695 shares, compared to its average volume of 1,541,394. Cadence Design Systems, Inc. has a one year low of $217.77 and a one year high of $328.99. The stock has a fifty day moving average of $297.24 and a two-hundred day moving average of $294.85. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $86.95 billion, a P/E ratio of 82.15, a price-to-earnings-growth ratio of 3.86 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same period in the prior year, the firm earned $1.02 EPS. The business’s revenue was down 1.2% on a year-over-year basis. Research analysts predict that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current year.

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.