Fidelis Capital Partners LLC Buys 270 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Fidelis Capital Partners LLC grew its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 12.8% in the 4th quarter, Holdings Channel reports. The institutional investor owned 2,383 shares of the software maker’s stock after purchasing an additional 270 shares during the period. Fidelis Capital Partners LLC’s holdings in Cadence Design Systems were worth $649,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Western Wealth Management LLC acquired a new position in Cadence Design Systems during the 4th quarter valued at about $220,000. Trust Investment Advisors bought a new stake in shares of Cadence Design Systems during the 4th quarter valued at $219,000. Calamos Advisors LLC lifted its stake in shares of Cadence Design Systems by 1,201.3% in the 4th quarter. Calamos Advisors LLC now owns 27,327 shares of the software maker’s stock valued at $7,443,000 after purchasing an additional 25,227 shares during the period. Xponance Inc. increased its holdings in Cadence Design Systems by 5.8% in the fourth quarter. Xponance Inc. now owns 73,879 shares of the software maker’s stock valued at $20,122,000 after purchasing an additional 4,048 shares during the last quarter. Finally, Dock Street Asset Management Inc. lifted its stake in Cadence Design Systems by 0.7% in the fourth quarter. Dock Street Asset Management Inc. now owns 75,908 shares of the software maker’s stock valued at $20,675,000 after buying an additional 558 shares during the period. Institutional investors own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. KeyCorp upped their price target on Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research note on Monday. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research note on Friday. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Tuesday. Piper Sandler initiated coverage on shares of Cadence Design Systems in a report on Thursday, April 4th. They set a “neutral” rating and a $334.00 target price on the stock. Finally, Wells Fargo & Company increased their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $318.10.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS traded down $1.95 during mid-day trading on Friday, reaching $283.95. 456,653 shares of the company were exchanged, compared to its average volume of 1,477,469. The company’s 50-day simple moving average is $306.16 and its 200-day simple moving average is $279.39. The stock has a market capitalization of $77.30 billion, a P/E ratio of 74.73, a P/E/G ratio of 3.57 and a beta of 1.04. Cadence Design Systems, Inc. has a twelve month low of $194.01 and a twelve month high of $327.36. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 EPS for the quarter, beating the consensus estimate of $1.33 by $0.05. The business had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.06 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. Cadence Design Systems’s revenue was up 18.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.75 earnings per share. As a group, research analysts predict that Cadence Design Systems, Inc. will post 4.82 earnings per share for the current year.

Insider Activity

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total value of $449,130.00. Following the transaction, the director now directly owns 53,183 shares of the company’s stock, valued at $15,924,053.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the sale, the vice president now owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total value of $449,130.00. Following the sale, the director now directly owns 53,183 shares in the company, valued at $15,924,053.86. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 177,544 shares of company stock worth $53,581,207. 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.