Wealth Enhancement Advisory Services LLC Has $8.69 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Wealth Enhancement Advisory Services LLC increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 110.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 27,924 shares of the software maker’s stock after purchasing an additional 14,644 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Cadence Design Systems were worth $8,692,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CDNS. Valley National Advisers Inc. increased its position in shares of Cadence Design Systems by 90.4% in the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after buying an additional 47 shares in the last quarter. Fortitude Family Office LLC acquired a new position in Cadence Design Systems in the fourth quarter valued at about $28,000. Union Savings Bank bought a new stake in shares of Cadence Design Systems in the fourth quarter worth about $33,000. Rakuten Securities Inc. acquired a new stake in shares of Cadence Design Systems during the fourth quarter worth about $45,000. Finally, Rise Advisors LLC bought a new position in shares of Cadence Design Systems during the 1st quarter valued at about $45,000. Institutional investors own 84.85% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on CDNS shares. KeyCorp increased their target price on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday. Piper Sandler dropped their price objective on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a report on Tuesday, April 23rd. Robert W. Baird upped their target price 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. 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. Finally, Bank of America boosted their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $332.78.

Cadence Design Systems Stock Performance

CDNS opened at $307.75 on Friday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32. The business’s 50-day simple moving average is $294.50 and its 200 day simple moving average is $293.83. The firm has a market capitalization of $83.84 billion, a PE ratio of 80.14, a PEG ratio of 3.77 and a beta of 1.04. Cadence Design Systems, Inc. has a 52-week low of $217.77 and a 52-week high of $328.99.

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

Insiders Place Their Bets

In other news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $310.46, for a total value 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 $6,544,496.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $310.46, for a total value of $310,460.00. Following the transaction, the vice president now owns 68,144 shares in the company, valued at approximately $21,155,986.24. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Karna Nisewaner sold 600 shares of the firm’s 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 $6,544,496.80. The disclosure for this sale can be found here. Insiders have sold a total of 41,134 shares of company stock valued at $12,232,169 over the last 90 days. 1.99% of the stock is currently owned by insiders.

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.