Guardian Capital LP Grows Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Guardian Capital LP grew its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.2% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 5,708 shares of the software maker’s stock after purchasing an additional 480 shares during the period. Guardian Capital LP’s holdings in Cadence Design Systems were worth $1,715,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Golden State Wealth Management LLC purchased a new stake in Cadence Design Systems during the fourth quarter worth approximately $28,000. Avalon Trust Co acquired a new stake in Cadence Design Systems during the 4th quarter valued at $39,000. Versant Capital Management Inc grew its holdings in Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after purchasing an additional 87 shares in the last quarter. OFI Invest Asset Management acquired a new stake in Cadence Design Systems during the 4th quarter valued at $46,000. Finally, Synergy Investment Management LLC acquired a new stake in Cadence Design Systems during the 4th quarter valued at $50,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cadence Design Systems

In other news, Director Ita M. Brennan sold 180 shares of the business’s stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $275.00, for a total transaction of $49,500.00. Following the completion of the transaction, the director now directly owns 7,411 shares in the company, valued at approximately $2,038,025. The trade was a 2.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the transaction, the vice president now owns 58,123 shares of the company’s stock, valued at approximately $14,689,425.79. This represents a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,130 shares of company stock worth $567,999. Company insiders own 1.99% of the company’s stock.

Wall Street Analysts Forecast Growth

CDNS has been the subject of a number of recent analyst reports. Rosenblatt Securities raised their price target on shares of Cadence Design Systems from $295.00 to $300.00 and gave the company a “neutral” rating in a report on Tuesday. Mizuho raised their price target on shares of Cadence Design Systems from $300.00 to $325.00 and gave the company an “outperform” rating in a report on Tuesday. Robert W. Baird raised their price target on shares of Cadence Design Systems from $293.00 to $325.00 and gave the company an “outperform” rating in a report on Tuesday. Needham & Company LLC reaffirmed a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a report on Tuesday. Finally, JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $300.00 to $325.00 in a research note on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $322.54.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $302.22 on Wednesday. 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 business has a 50 day moving average of $255.41 and a two-hundred day moving average of $282.31. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99. The company has a market cap of $82.90 billion, a P/E ratio of 78.30, a PEG ratio of 3.88 and a beta of 1.14.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.07. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business’s revenue was up 23.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.17 earnings per share. As a group, analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS 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.