Empower Advisory Group LLC Purchases 41 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Empower Advisory Group LLC raised its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 875 shares of the software maker’s stock after purchasing an additional 41 shares during the quarter. Empower Advisory Group LLC’s holdings in Cadence Design Systems were worth $263,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in CDNS. Swedbank AB increased its position in Cadence Design Systems by 15.1% during the 3rd quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock valued at $475,336,000 after purchasing an additional 230,672 shares during the period. Venture Visionary Partners LLC grew its position in shares of Cadence Design Systems by 2.5% in the 3rd quarter. Venture Visionary Partners LLC now owns 1,709 shares of the software maker’s stock worth $463,000 after buying an additional 41 shares during the period. Leo Wealth LLC grew its position in shares of Cadence Design Systems by 6.6% in the 3rd quarter. Leo Wealth LLC now owns 780 shares of the software maker’s stock worth $211,000 after buying an additional 48 shares during the period. BLB&B Advisors LLC grew its position in shares of Cadence Design Systems by 4.5% in the 3rd quarter. BLB&B Advisors LLC now owns 49,309 shares of the software maker’s stock worth $13,364,000 after buying an additional 2,138 shares during the period. Finally, Private Advisor Group LLC grew its position in shares of Cadence Design Systems by 31.2% in the 3rd quarter. Private Advisor Group LLC now owns 10,332 shares of the software maker’s stock worth $2,800,000 after buying an additional 2,457 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $306.19, for a total value of $199,023.50. Following the transaction, the vice president now owns 60,461 shares in the company, valued at $18,512,553.59. This represents a 1.06 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the transaction, the chief executive officer now owns 55,874 shares in the company, valued at $17,320,940. This trade represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 108,416 shares of company stock worth $33,538,875. Company insiders own 0.62% of the company’s stock.

Cadence Design Systems Price Performance

CDNS opened at $274.04 on Thursday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The stock has a market capitalization of $75.16 billion, a P/E ratio of 71.93, a P/E/G ratio of 3.41 and a beta of 1.03. The company’s 50-day simple moving average is $302.96 and its two-hundred day simple moving average is $287.16. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. As a group, analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Wall Street Analysts Forecast Growth

CDNS has been the topic of a number of recent research reports. Robert W. Baird upped their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Mizuho upped their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Wells Fargo & Company initiated coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price on the stock. Redburn Atlantic started coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 target price on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $325.00 price target on shares of Cadence Design Systems in a research note on Wednesday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $327.33.

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.