B. Riley Wealth Advisors Inc. Has $1.18 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

B. Riley Wealth Advisors Inc. lessened its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 21.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,319 shares of the software maker’s stock after selling 1,160 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Cadence Design Systems were worth $1,176,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in Cadence Design Systems by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 24,503,455 shares of the software maker’s stock worth $6,674,006,000 after buying an additional 384,637 shares in the last quarter. Norges Bank purchased a new position in Cadence Design Systems in the fourth quarter valued at about $1,141,059,000. Northern Trust Corp raised its stake in shares of Cadence Design Systems by 5.6% during the 3rd quarter. Northern Trust Corp now owns 2,995,849 shares of the software maker’s stock worth $701,927,000 after purchasing an additional 158,031 shares in the last quarter. Nordea Investment Management AB lifted its holdings in shares of Cadence Design Systems by 124.8% during the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after buying an additional 1,052,228 shares during the last quarter. Finally, Wellington Management Group LLP increased its holdings in Cadence Design Systems by 143.3% in the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock worth $383,062,000 after buying an additional 962,987 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $326.50 on Thursday. The company’s fifty day moving average is $292.41 and its two-hundred day moving average is $291.48. Cadence Design Systems, Inc. has a 52-week low of $217.77 and a 52-week high of $327.36. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. The firm has a market capitalization of $88.95 billion, a price-to-earnings ratio of 85.03, a P/E/G ratio of 3.94 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last released its 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 business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same period last year, the business earned $1.02 earnings per share. Equities research analysts forecast that Cadence Design Systems, Inc. will post 4.77 EPS for the current year.

Insider Transactions at Cadence Design Systems

In other news, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $186,276.00. Following the sale, the senior vice president now owns 21,080 shares of the company’s stock, valued at approximately $6,544,496.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $295.00, for a total transaction of $191,750.00. Following the transaction, the vice president now owns 66,494 shares of the company’s stock, valued at $19,615,730. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $310.46, for a total value of $186,276.00. Following the transaction, the senior vice president now directly owns 21,080 shares in the company, valued at approximately $6,544,496.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 62,834 shares of company stock valued at $18,989,549. 0.62% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently commented on CDNS shares. Robert W. Baird increased their price target on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research note on Thursday, April 18th. Piper Sandler cut their price objective on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 23rd. Bank of America upped their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a report on Monday, April 22nd. Finally, Wells Fargo & Company lifted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $331.11.

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.