Rehmann Capital Advisory Group Has $249,000 Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Rehmann Capital Advisory Group increased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS – Get Rating) by 8.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,550 shares of the software maker’s stock after purchasing an additional 125 shares during the period. Rehmann Capital Advisory Group’s holdings in Cadence Design Systems were worth $249,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Franklin Resources Inc. lifted its stake in shares of Cadence Design Systems by 4.5% in the 4th quarter. Franklin Resources Inc. now owns 2,792,761 shares of the software maker’s stock valued at $448,629,000 after purchasing an additional 119,227 shares during the period. Redhawk Wealth Advisors Inc. grew its holdings in shares of Cadence Design Systems by 2.8% in the fourth quarter. Redhawk Wealth Advisors Inc. now owns 9,996 shares of the software maker’s stock valued at $1,606,000 after acquiring an additional 268 shares in the last quarter. HRT Financial LP purchased a new position in Cadence Design Systems in the fourth quarter valued at approximately $6,140,000. O Shaughnessy Asset Management LLC boosted its holdings in shares of Cadence Design Systems by 0.7% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 16,681 shares of the software maker’s stock worth $2,680,000 after acquiring an additional 115 shares during the period. Finally, SouthState Corp raised its position in Cadence Design Systems by 54.8% during the fourth quarter. SouthState Corp now owns 260 shares of the software maker’s stock valued at $42,000 after purchasing an additional 92 shares in the last quarter. 84.06% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Stock Performance

Cadence Design Systems stock opened at $224.49 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.44 and a quick ratio of 1.33. Cadence Design Systems, Inc. has a 1-year low of $138.76 and a 1-year high of $225.46. The firm has a market capitalization of $61.21 billion, a P/E ratio of 71.72, a price-to-earnings-growth ratio of 2.62 and a beta of 1.07. The company’s 50-day moving average is $208.69 and its 200 day moving average is $187.23.

Cadence Design Systems (NASDAQ:CDNS – Get Rating) last issued its quarterly earnings data on Monday, April 24th. The software maker reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.04. The company had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.01 billion. Cadence Design Systems had a net margin of 23.24% and a return on equity of 33.80%. Cadence Design Systems’s revenue was up 13.3% compared to the same quarter last year. During the same period last year, the company posted $0.95 earnings per share. Research analysts forecast that Cadence Design Systems, Inc. will post 3.98 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CDNS. KeyCorp boosted their price objective on shares of Cadence Design Systems from $225.00 to $235.00 in a report on Tuesday, April 25th. Wells Fargo & Company boosted their target price on shares of Cadence Design Systems from $215.00 to $235.00 and gave the company an “overweight” rating in a research note on Tuesday, April 11th. Robert W. Baird boosted their target price on shares of Cadence Design Systems from $215.00 to $223.00 in a research note on Tuesday, April 25th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Cadence Design Systems from $222.00 to $230.00 in a research note on Wednesday, April 26th. Finally, StockNews.com upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Wednesday. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus target price of $220.80.

Insider Buying and Selling

In other Cadence Design Systems news, CEO Anirudh Devgan sold 1,525 shares of Cadence Design Systems stock in a transaction on Tuesday, February 28th. The shares were sold at an average price of $193.26, for a total value of $294,721.50. Following the completion of the transaction, the chief executive officer now owns 172,414 shares of the company’s stock, valued at $33,320,729.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Anirudh Devgan sold 1,525 shares of the business’s stock in a transaction dated Tuesday, February 28th. The shares were sold at an average price of $193.26, for a total transaction of $294,721.50. Following the transaction, the chief executive officer now directly owns 172,414 shares in the company, valued at $33,320,729.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Aneel Zaman sold 1,801 shares of the business’s stock in a transaction dated Monday, February 27th. The stock was sold at an average price of $195.35, for a total transaction of $351,825.35. Following the transaction, the vice president now owns 88,444 shares in the company, valued at $17,277,535.40. The disclosure for this sale can be found here. Insiders sold a total of 368,660 shares of company stock valued at $75,934,298 over the last 90 days. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Company Profile

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Cadence Design Systems, Inc engages in the design and development of integrated circuits and electronic devices. Its products include electronic design automation, software, emulation hardware, and intellectual property, commonly referred to as verification IP, and design IP. It operates through the following geographical segments: United States, Other Americas, China, Other Asia, Europe, Middle East and Africa and Japan.