FFT Wealth Management LLC Takes $407,000 Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

FFT Wealth Management LLC bought a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 1,355 shares of the software maker’s stock, valued at approximately $407,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of CDNS. Swedbank AB raised its stake in shares of Cadence Design Systems by 15.1% in the third quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock valued at $475,336,000 after acquiring an additional 230,672 shares during the period. Private Advisor Group LLC grew its holdings in Cadence Design Systems by 31.2% during the 3rd quarter. Private Advisor Group LLC now owns 10,332 shares of the software maker’s stock valued at $2,800,000 after purchasing an additional 2,457 shares during the last quarter. Allworth Financial LP raised its position in Cadence Design Systems by 9.7% in the 3rd quarter. Allworth Financial LP now owns 777 shares of the software maker’s stock worth $211,000 after purchasing an additional 69 shares during the period. Arkadios Wealth Advisors bought a new stake in Cadence Design Systems in the third quarter worth about $202,000. Finally, Inscription Capital LLC boosted its position in shares of Cadence Design Systems by 9.9% during the third quarter. Inscription Capital LLC now owns 1,192 shares of the software maker’s stock valued at $323,000 after buying an additional 107 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on CDNS shares. Wells Fargo & Company initiated coverage on Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target on the stock. Piper Sandler increased their target price on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Loop Capital lowered their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Robert W. Baird reduced their price target on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research note on Thursday, February 20th. Finally, Redburn Atlantic started coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $326.92.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS opened at $248.90 on Wednesday. The firm has a 50 day moving average of $298.08 and a 200 day moving average of $287.22. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $68.26 billion, a price-to-earnings ratio of 64.48, a price-to-earnings-growth ratio of 3.88 and a beta of 1.03. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS 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 company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. On average, sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Activity

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Paul Scannell sold 3,171 shares of the business’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $305.78, for a total value of $969,628.38. Following the sale, the vice president now owns 14,318 shares in the company, valued at $4,378,158.04. The trade was a 18.13 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 108,416 shares of company stock worth $33,538,875. Corporate insiders own 1.99% of the company’s stock.

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.