Meridian Wealth Management LLC Grows Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Meridian Wealth Management LLC boosted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.2% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,405 shares of the software maker’s stock after buying an additional 91 shares during the quarter. Meridian Wealth Management LLC’s holdings in Cadence Design Systems were worth $2,225,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of CDNS. Swedbank AB grew its stake in shares of Cadence Design Systems by 15.1% during the third quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock valued at $475,336,000 after buying an additional 230,672 shares during the last quarter. Pinnacle Associates Ltd. grew its position in Cadence Design Systems by 7.9% in the 3rd quarter. Pinnacle Associates Ltd. now owns 999 shares of the software maker’s stock valued at $272,000 after acquiring an additional 73 shares during the last quarter. Stephens Inc. AR increased its stake in Cadence Design Systems by 26.3% in the third quarter. Stephens Inc. AR now owns 4,634 shares of the software maker’s stock worth $1,256,000 after purchasing an additional 964 shares during the period. Farther Finance Advisors LLC lifted its position in shares of Cadence Design Systems by 11.5% during the third quarter. Farther Finance Advisors LLC now owns 2,724 shares of the software maker’s stock worth $739,000 after purchasing an additional 280 shares during the last quarter. Finally, Janney Montgomery Scott LLC boosted its stake in shares of Cadence Design Systems by 8.1% during the third quarter. Janney Montgomery Scott LLC now owns 82,544 shares of the software maker’s stock valued at $22,372,000 after purchasing an additional 6,202 shares during the period. Institutional investors own 84.85% of the company’s stock.

Insiders Place Their Bets

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction dated 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 approximately $17,320,940. This trade represents a 62.51 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $292.32, for a total value of $190,008.00. Following the completion of the sale, the vice president now owns 58,773 shares in the company, valued at $17,180,523.36. The trade was a 1.09 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 107,766 shares of company stock valued at $33,339,852. 1.99% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

CDNS has been the topic of a number of research reports. Piper Sandler raised their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. Needham & Company LLC restated a “buy” rating and set a $325.00 price objective on shares of Cadence Design Systems in a report on Wednesday, February 19th. Wells Fargo & Company assumed coverage on Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price for the company. Rosenblatt Securities raised their price target on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Finally, Bank of America dropped their target price on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus price target of $326.92.

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $241.74 on Tuesday. The company has a market cap of $66.26 billion, a price-to-earnings ratio of 62.63, a PEG ratio of 3.88 and a beta of 1.03. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The stock’s fifty day moving average price is $293.85 and its 200 day moving average price is $286.55. Cadence Design Systems, Inc. has a 1 year low of $240.35 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. As a group, equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

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.