1,240 Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS) Acquired by Stonebrook Private Inc.

Stonebrook Private Inc. purchased a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,240 shares of the software maker’s stock, valued at approximately $373,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Avior Wealth Management LLC grew its stake in shares of Cadence Design Systems by 12.4% in the 4th quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock worth $98,000 after buying an additional 36 shares during the last quarter. Accredited Investors Inc. grew its stake in shares of Cadence Design Systems by 1.7% in the 4th quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker’s stock worth $654,000 after buying an additional 36 shares during the last quarter. Lindbrook Capital LLC grew its stake in shares of Cadence Design Systems by 1.7% in the 4th quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker’s stock worth $670,000 after buying an additional 38 shares during the last quarter. Oarsman Capital Inc. grew its stake in shares of Cadence Design Systems by 3.8% in the 4th quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker’s stock worth $313,000 after buying an additional 38 shares during the last quarter. Finally, Empower Advisory Group LLC boosted its stake in Cadence Design Systems by 4.9% during the 4th quarter. Empower Advisory Group LLC now owns 875 shares of the software maker’s stock valued at $263,000 after purchasing an additional 41 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $321.56 on Friday. The business’s fifty day moving average price is $272.16 and its 200-day moving average price is $286.52. The stock has a market capitalization of $87.80 billion, a price-to-earnings ratio of 83.31, a PEG ratio of 3.88 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same period last year, the firm earned $1.17 EPS. Cadence Design Systems’s revenue for the quarter was up 23.1% compared to the same quarter last year. On average, equities analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have commented on CDNS shares. Loop Capital cut their target price on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Oppenheimer cut their target price on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research note on Wednesday, March 19th. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. JPMorgan Chase & Co. upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and increased their target price for the company from $300.00 to $325.00 in a research note on Thursday, April 24th. Finally, Piper Sandler increased their target price on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus target price of $325.23.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total value of $164,216.00. Following the transaction, the vice president now directly owns 108,799 shares of the company’s stock, valued at approximately $27,486,979.36. This trade represents a 0.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Anirudh Devgan sold 10,737 shares of the firm’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $310.00, for a total value of $3,328,470.00. Following the completion of the transaction, the chief executive officer now directly owns 209,548 shares in the company, valued at approximately $64,959,880. This represents a 4.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 17,577 shares of company stock valued at $5,316,411. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Company 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.