Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC boosted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.4% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,979 shares of the software maker’s stock after acquiring an additional 381 shares during the period. Axxcess Wealth Management LLC’s holdings in Cadence Design Systems were worth $2,446,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Merit Financial Group LLC increased its position in Cadence Design Systems by 153.7% during the 4th quarter. Merit Financial Group LLC now owns 2,808 shares of the software maker’s stock worth $765,000 after purchasing an additional 1,701 shares during the period. Benjamin F. Edwards & Company Inc. increased its position in Cadence Design Systems by 41.5% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 6,272 shares of the software maker’s stock worth $1,708,000 after purchasing an additional 1,841 shares during the period. Intelligence Driven Advisers LLC acquired a new position in Cadence Design Systems during the 4th quarter worth approximately $242,000. Natixis Advisors L.P. increased its position in Cadence Design Systems by 0.9% during the 4th quarter. Natixis Advisors L.P. now owns 132,138 shares of the software maker’s stock worth $35,990,000 after purchasing an additional 1,194 shares during the period. Finally, First Horizon Advisors Inc. increased its position in Cadence Design Systems by 4.6% during the 4th quarter. First Horizon Advisors Inc. now owns 5,057 shares of the software maker’s stock worth $1,377,000 after purchasing an additional 224 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Trading Up 1.9 %

Shares of Cadence Design Systems stock traded up $5.19 during trading hours on Friday, reaching $281.63. 1,371,195 shares of the company’s stock were exchanged, compared to its average volume of 1,806,029. Cadence Design Systems, Inc. has a 52-week low of $198.92 and a 52-week high of $327.36. The firm has a market capitalization of $76.64 billion, a price-to-earnings ratio of 73.34, a price-to-earnings-growth ratio of 3.32 and a beta of 1.06. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. The company has a fifty day moving average of $302.02 and a 200-day moving average of $282.12.

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

Insider Buying and Selling

In related news, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $165,216.00. Following the completion of the transaction, the senior vice president now directly owns 20,480 shares in the company, valued at $5,639,372.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cadence Design Systems news, Director James D. Plummer sold 2,412 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $315.40, for a total value of $760,744.80. Following the completion of the transaction, the director now directly owns 22,923 shares in the company, valued at $7,229,914.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total value of $165,216.00. Following the completion of the transaction, the senior vice president now owns 20,480 shares of the company’s stock, valued at $5,639,372.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 174,566 shares of company stock worth $52,649,105. Corporate insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Piper Sandler dropped their target price on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 23rd. Needham & Company LLC reissued a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research note on Friday, April 19th. Stifel Nicolaus boosted their price target on Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, February 13th. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Monday, April 22nd. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $326.11.

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.