Legacy Capital Wealth Partners LLC Purchases Shares of 895 Cadence Design Systems, Inc. (NASDAQ:CDNS)

Legacy Capital Wealth Partners LLC acquired a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the fourth quarter, HoldingsChannel reports. The fund acquired 895 shares of the software maker’s stock, valued at approximately $244,000.

A number of other large investors have also recently made changes to their positions in the stock. Jennison Associates LLC lifted its holdings in Cadence Design Systems by 8.7% during the third quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock valued at $1,651,166,000 after purchasing an additional 564,085 shares in the last quarter. Northern Trust Corp raised its position in shares of Cadence Design Systems by 5.6% during the 3rd quarter. Northern Trust Corp now owns 2,995,849 shares of the software maker’s stock valued at $701,927,000 after purchasing an additional 158,031 shares during the period. Invesco Ltd. lifted its stake in shares of Cadence Design Systems by 4.9% during the 3rd quarter. Invesco Ltd. now owns 2,012,292 shares of the software maker’s stock valued at $471,480,000 after buying an additional 93,984 shares in the last quarter. Nordea Investment Management AB boosted its holdings in Cadence Design Systems by 124.8% in the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock worth $515,995,000 after buying an additional 1,052,228 shares during the period. Finally, Wellington Management Group LLP raised its holdings in Cadence Design Systems by 143.3% during the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after acquiring an additional 962,987 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $282.49 on Tuesday. The stock has a 50 day moving average price of $303.69 and a 200-day moving average price of $281.82. Cadence Design Systems, Inc. has a one year low of $198.92 and a one year high of $327.36. The stock has a market cap of $76.87 billion, a price-to-earnings ratio of 73.57, a price-to-earnings-growth ratio of 3.32 and a beta of 1.04. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping the consensus estimate of $1.13 by $0.04. The company had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. Cadence Design Systems’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.02 earnings per share. Equities analysts expect that Cadence Design Systems, Inc. will post 4.78 EPS for the current year.

Analyst Ratings Changes

Several research firms recently issued reports on CDNS. Needham & Company LLC reiterated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research report on Friday, April 19th. Stifel Nicolaus raised their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. StockNews.com raised Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Wednesday, April 24th. Robert W. Baird increased their price target on Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research note on Thursday, April 18th. Finally, Morgan Stanley upgraded Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $260.00 to $350.00 in a report on Wednesday, February 14th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and an average target price of $326.11.

Insiders Place Their Bets

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $308.83, for a total value of $463,245.00. Following the transaction, the director now directly owns 50,183 shares in the company, valued at $15,498,015.89. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Cadence Design Systems news, VP Aneel Zaman sold 1,207 shares of the company’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $366,807.30. Following the completion of the sale, the vice president now directly owns 61,150 shares in the company, valued at approximately $18,583,485. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $308.83, for a total value of $463,245.00. Following the transaction, the director now directly owns 50,183 shares in the company, valued at approximately $15,498,015.89. The disclosure for this sale can be found here. Insiders have sold a total of 173,044 shares of company stock worth $52,231,207 over the last quarter. Company insiders own 0.62% of the company’s stock.

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.