ICA Group Wealth Management LLC Acquires Shares of 473 Cadence Design Systems, Inc. (NASDAQ:CDNS)

ICA Group Wealth Management LLC bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 4th quarter, according to the company in its most recent filing with the SEC. The fund bought 473 shares of the software maker’s stock, valued at approximately $129,000.

Other large investors have also modified their holdings of the company. Parkside Financial Bank & Trust grew its holdings in Cadence Design Systems by 8.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker’s stock worth $140,000 after acquiring an additional 38 shares during the period. Highview Capital Management LLC DE boosted its position in shares of Cadence Design Systems by 0.8% during the 4th quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock worth $1,411,000 after purchasing an additional 39 shares in the last quarter. Fiduciary Trust Co grew its stake in shares of Cadence Design Systems by 0.6% during the 4th quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock worth $1,833,000 after purchasing an additional 39 shares during the period. BSW Wealth Partners increased its holdings in shares of Cadence Design Systems by 2.8% in the 4th quarter. BSW Wealth Partners now owns 1,624 shares of the software maker’s stock valued at $442,000 after purchasing an additional 44 shares in the last quarter. Finally, Optas LLC lifted its stake in shares of Cadence Design Systems by 3.1% in the fourth quarter. Optas LLC now owns 1,565 shares of the software maker’s stock valued at $426,000 after purchasing an additional 47 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CDNS has been the subject of a number of research analyst reports. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. KeyCorp lifted their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Wells Fargo & Company upped their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. Robert W. Baird lifted their price target 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. Finally, Bank of America increased their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average price target of $331.11.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $322.08 on Tuesday. Cadence Design Systems, Inc. has a 1 year low of $217.77 and a 1 year high of $327.36. The company’s 50 day simple moving average is $291.67 and its 200 day simple moving average is $290.84. The company has a market capitalization of $87.74 billion, a price-to-earnings ratio of 83.88, a PEG ratio of 3.82 and a beta of 1.04. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. The company 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 business’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.02 EPS. On average, sell-side analysts predict that Cadence Design Systems, Inc. will post 4.77 EPS for the current year.

Insiders Place Their Bets

In other news, VP Chin-Chi Teng sold 32,184 shares of the stock in a transaction dated Thursday, June 6th. The shares were 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, VP Chin-Chi Teng sold 32,184 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the completion of the transaction, the vice president now owns 95,408 shares of the company’s stock, valued at $28,379,109.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $295.00, for a total transaction of $191,750.00. Following the completion of the transaction, the vice president now owns 66,494 shares in the company, valued at approximately $19,615,730. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 61,334 shares of company stock valued at $18,525,914. Insiders own 0.62% of the company’s stock.

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.