667 Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS) Purchased by Morling Financial Advisors LLC

Morling Financial Advisors LLC acquired a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 667 shares of the software maker’s stock, valued at approximately $200,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Avior Wealth Management LLC boosted its stake in Cadence Design Systems by 12.4% in the 4th quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock worth $98,000 after purchasing an additional 36 shares during the period. Lindbrook Capital LLC grew its position in Cadence Design Systems by 1.7% during the 4th quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker’s stock worth $670,000 after purchasing an additional 38 shares in the last quarter. Fifth Third Wealth Advisors LLC grew its position in Cadence Design Systems by 0.7% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock worth $1,501,000 after purchasing an additional 40 shares in the last quarter. Paragon Advisors LLC grew its position in Cadence Design Systems by 0.6% during the 3rd quarter. Paragon Advisors LLC now owns 6,465 shares of the software maker’s stock worth $1,752,000 after purchasing an additional 41 shares in the last quarter. Finally, Empower Advisory Group LLC grew its position in Cadence Design Systems by 4.9% during the 4th quarter. Empower Advisory Group LLC now owns 875 shares of the software maker’s stock worth $263,000 after purchasing an additional 41 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, VP Paul Scannell sold 3,171 shares of the business’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $305.78, for a total transaction of $969,628.38. Following the transaction, the vice president now owns 14,318 shares in the company, valued at approximately $4,378,158.04. The trade was a 18.13 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Anirudh Devgan sold 93,151 shares of the business’s 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 transaction, the chief executive officer now owns 55,874 shares in the company, valued at approximately $17,320,940. The trade was a 62.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 108,416 shares of company stock valued at $33,504,126 in the last quarter. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Down 3.8 %

CDNS stock opened at $233.96 on Tuesday. The firm has a market cap of $64.13 billion, a PE ratio of 60.61, a PEG ratio of 3.88 and a beta of 1.05. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 1 year low of $231.51 and a 1 year high of $328.99. The company has a fifty day simple moving average of $287.32 and a 200 day simple moving average of $285.16.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results 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). The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. Sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Analysts Set New Price Targets

CDNS has been the topic of several research analyst reports. Loop Capital lowered their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. Robert W. Baird lowered their price target on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a report on Thursday, February 20th. Needham & Company LLC restated a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a report on Wednesday, February 19th. Wells Fargo & Company initiated coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target on the stock. Finally, Bank of America lowered their price target 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 given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $326.92.

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.