Significant Wealth Partners LLC Acquires New Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Significant Wealth Partners LLC bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the first quarter, HoldingsChannel.com reports. The institutional investor bought 750 shares of the software maker’s stock, valued at approximately $233,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Ulland Investment Advisors LLC acquired a new stake in shares of Cadence Design Systems in the first quarter valued at approximately $25,000. RiverPark Advisors LLC bought a new stake in Cadence Design Systems during the 1st quarter worth approximately $26,000. Valley National Advisers Inc. increased its position in Cadence Design Systems by 90.4% during the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after purchasing an additional 47 shares during the period. Fortitude Family Office LLC bought a new position in Cadence Design Systems during the 4th quarter worth approximately $28,000. Finally, Annapolis Financial Services LLC acquired a new position in shares of Cadence Design Systems in the 1st quarter worth approximately $32,000. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

CDNS stock traded up $0.53 during mid-day trading on Monday, hitting $316.20. 651,991 shares of the stock were exchanged, compared to its average volume of 1,525,177. The stock has a market capitalization of $86.14 billion, a price-to-earnings ratio of 81.95, a PEG ratio of 3.86 and a beta of 1.03. The business has a fifty day moving average price of $301.84 and a 200 day moving average price of $296.95. Cadence Design Systems, Inc. has a 12 month low of $217.77 and a 12 month 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 announced 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. The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The firm’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.02 EPS. On average, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 4.77 EPS for the current year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $275,360.00. Following the completion of the transaction, the vice president now owns 67,144 shares in the company, valued at $18,488,771.84. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Cadence Design Systems news, VP Chin-Chi Teng sold 32,184 shares of Cadence Design Systems stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $297.45, for a total value of $9,573,130.80. Following the completion of the transaction, the vice president now directly owns 95,408 shares of the company’s stock, valued at $28,379,109.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Cunningham sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total transaction of $275,360.00. Following the transaction, the vice president now directly owns 67,144 shares of the company’s stock, valued at $18,488,771.84. The disclosure for this sale can be found here. Insiders have sold 48,634 shares of company stock worth $14,515,238 over the last 90 days. 1.99% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

CDNS has been the topic of several research analyst reports. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Piper Sandler restated a “neutral” rating and set a $318.00 price target on shares of Cadence Design Systems in a research note on Wednesday, July 10th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Monday, April 22nd. KeyCorp boosted their price objective on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Finally, Wells Fargo & Company upped their price target on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $334.89.

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.