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

OneAscent Wealth Management LLC reduced its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 30.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 645 shares of the software maker’s stock after selling 279 shares during the period. OneAscent Wealth Management LLC’s holdings in Cadence Design Systems were worth $201,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Parkside Financial Bank & Trust boosted its holdings in shares of 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 purchasing an additional 38 shares during the period. Highview Capital Management LLC DE lifted its holdings in Cadence Design Systems by 0.8% in the fourth quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock worth $1,411,000 after buying an additional 39 shares during the period. Fiduciary Trust Co lifted its holdings in Cadence Design Systems by 0.6% in the fourth quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock worth $1,833,000 after buying an additional 39 shares during the period. Wealthcare Advisory Partners LLC lifted its holdings in Cadence Design Systems by 4.5% in the first quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock worth $296,000 after buying an additional 41 shares during the period. Finally, Capital Market Strategies LLC lifted its holdings in Cadence Design Systems by 3.4% in the first quarter. Capital Market Strategies LLC now owns 1,261 shares of the software maker’s stock worth $393,000 after buying an additional 42 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Price Performance

Shares of CDNS opened at $307.75 on Friday. The company has a market capitalization of $83.84 billion, a P/E ratio of 80.14, a price-to-earnings-growth ratio of 3.77 and a beta of 1.04. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The firm has a 50 day moving average of $294.50 and a 200 day moving average of $293.83. Cadence Design Systems, Inc. has a twelve month low of $217.77 and a twelve month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.04. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.02 earnings per share. As a group, equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current fiscal year.

Insider Activity at Cadence Design Systems

In related news, VP Chin-Chi Teng sold 32,184 shares of the firm’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 sale, 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Cadence Design Systems news, VP Chin-Chi Teng sold 32,184 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $297.45, for a total value of $9,573,130.80. Following the completion of the sale, the vice president now owns 95,408 shares of the company’s stock, valued at approximately $28,379,109.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, 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 completion of the sale, the senior vice president now directly owns 21,080 shares of the company’s stock, valued at approximately $6,544,496.80. The disclosure for this sale can be found here. Insiders sold 41,134 shares of company stock valued at $12,232,169 over the last 90 days. Corporate insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on CDNS shares. Bank of America raised their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Piper Sandler lowered their price objective on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a report on Tuesday, April 23rd. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Monday, April 22nd. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Finally, Needham & Company LLC reiterated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a report on Friday, May 17th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $332.78.

Cadence Design Systems 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.