Wealthcare Advisory Partners LLC Acquires 41 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Wealthcare Advisory Partners LLC lifted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 951 shares of the software maker’s stock after buying an additional 41 shares during the period. Wealthcare Advisory Partners LLC’s holdings in Cadence Design Systems were worth $296,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Norges Bank bought a new position in Cadence Design Systems during the 4th quarter valued at about $1,141,059,000. Nordea Investment Management AB grew its holdings in 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 purchasing an additional 1,052,228 shares during the last quarter. Wellington Management Group LLP grew its holdings in Cadence Design Systems by 143.3% during the 3rd quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after purchasing an additional 962,987 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in Cadence Design Systems by 261.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock valued at $169,022,000 after purchasing an additional 448,918 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in Cadence Design Systems by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 24,503,455 shares of the software maker’s stock valued at $6,674,006,000 after purchasing an additional 384,637 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Price Performance

Shares of CDNS opened at $310.92 on Tuesday. The company has a 50 day moving average price of $294.50 and a 200-day moving average price of $293.96. Cadence Design Systems, Inc. has a fifty-two week low of $217.77 and a fifty-two week high of $328.99. The stock has a market capitalization of $84.70 billion, a PE ratio of 80.97, a PEG ratio of 3.77 and a beta of 1.03. 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 announced its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The firm had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same quarter in the prior year, the company earned $1.02 EPS. The company’s revenue was down 1.2% compared to the same quarter last year. Equities analysts predict 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, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $309.09, for a total transaction of $463,635.00. Following the completion of the sale, the director now owns 48,051 shares of the company’s stock, valued at $14,852,083.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cadence Design Systems 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 transaction, the vice president now owns 95,408 shares in the company, valued at approximately $28,379,109.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $309.09, for a total transaction of $463,635.00. Following the transaction, the director now owns 48,051 shares in the company, valued at approximately $14,852,083.59. The disclosure for this sale can be found here. Insiders sold 39,534 shares of company stock valued at $11,735,433 over the last 90 days. Insiders own 0.62% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. KeyCorp upped their target price on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Needham & Company LLC restated a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research note on Friday, May 17th. Bank of America upped their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Finally, Wells Fargo & Company upped their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus price target of $332.78.

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.