Signal Advisors Wealth LLC Buys New Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Signal Advisors Wealth LLC bought a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 661 shares of the software maker’s stock, valued at approximately $206,000.

Several other institutional investors and hedge funds also recently made changes to their positions in CDNS. Kestra Advisory Services LLC boosted its holdings in Cadence Design Systems by 24.1% in the third quarter. Kestra Advisory Services LLC now owns 9,552 shares of the software maker’s stock worth $2,238,000 after acquiring an additional 1,856 shares in the last quarter. CenterBook Partners LP boosted its holdings in Cadence Design Systems by 39.2% in the third quarter. CenterBook Partners LP now owns 5,283 shares of the software maker’s stock worth $1,238,000 after acquiring an additional 1,488 shares in the last quarter. LPL Financial LLC boosted its holdings in Cadence Design Systems by 26.2% in the third quarter. LPL Financial LLC now owns 196,978 shares of the software maker’s stock worth $46,152,000 after acquiring an additional 40,919 shares in the last quarter. Ontario Teachers Pension Plan Board boosted its holdings in Cadence Design Systems by 37.6% in the third quarter. Ontario Teachers Pension Plan Board now owns 14,249 shares of the software maker’s stock worth $3,339,000 after acquiring an additional 3,894 shares in the last quarter. Finally, Mariner LLC boosted its holdings in Cadence Design Systems by 5.0% in the third quarter. Mariner LLC now owns 31,533 shares of the software maker’s stock worth $7,388,000 after acquiring an additional 1,505 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on CDNS shares. Piper Sandler cut their price target on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a report on Tuesday, April 23rd. Needham & Company LLC reissued a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research note on Friday, May 17th. Robert W. Baird increased their price objective on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research note on Thursday, April 18th. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Monday, April 22nd. Finally, StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $331.11.

Insider Activity at Cadence Design Systems

In related news, CFO John M. Wall sold 21,700 shares of the firm’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $311.40, for a total transaction of $6,757,380.00. Following the transaction, the chief financial officer now directly owns 41,035 shares of the company’s stock, valued at approximately $12,778,299. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, VP Chin-Chi Teng sold 32,184 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the transaction, the vice president now directly owns 95,408 shares in the company, valued at approximately $28,379,109.60. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO John M. Wall sold 21,700 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $311.40, for a total value of $6,757,380.00. Following the transaction, the chief financial officer now owns 41,035 shares in the company, valued at $12,778,299. The disclosure for this sale can be found here. In the last three months, insiders have sold 62,834 shares of company stock valued at $18,989,549. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

NASDAQ:CDNS traded down $7.97 during trading hours on Thursday, reaching $318.53. The stock had a trading volume of 1,716,993 shares, compared to its average volume of 1,554,573. Cadence Design Systems, Inc. has a 12-month low of $217.77 and a 12-month high of $328.99. The stock has a 50 day simple moving average of $292.58 and a 200 day simple moving average of $291.67. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32. The stock has a market cap of $86.77 billion, a P/E ratio of 82.95, a price-to-earnings-growth ratio of 4.00 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. During the same period last year, the company earned $1.02 earnings per share. The business’s revenue for the quarter was down 1.2% on a year-over-year basis. On average, research analysts forecast that Cadence Design Systems, Inc. will post 4.77 EPS for the current fiscal 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.