Allworth Financial LP Purchases 645 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Allworth Financial LP increased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 83.0% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 1,422 shares of the software maker’s stock after buying an additional 645 shares during the period. Allworth Financial LP’s holdings in Cadence Design Systems were worth $457,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Nisa Investment Advisors LLC boosted its holdings in Cadence Design Systems by 132.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock worth $41,850,000 after buying an additional 79,268 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Cadence Design Systems by 48.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after buying an additional 310,250 shares during the period. Avanza Fonder AB bought a new position in Cadence Design Systems in the 4th quarter worth $6,046,000. Caisse DE Depot ET Placement DU Quebec bought a new position in Cadence Design Systems in the 3rd quarter worth $24,026,000. Finally, Zhang Financial LLC bought a new position in Cadence Design Systems in the 4th quarter worth $381,000. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Down 1.3 %

Shares of NASDAQ CDNS opened at $270.39 on Friday. The firm’s 50-day moving average price is $302.27 and its 200-day moving average price is $287.07. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $74.16 billion, a price-to-earnings ratio of 70.05, a P/E/G ratio of 3.48 and a beta of 1.03. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 30.20% and a net margin of 22.74%. The firm had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. On average, equities research analysts anticipate that Cadence Design Systems, Inc. will post 5.57 EPS for the current fiscal year.

Analyst Ratings Changes

CDNS has been the topic of several research analyst reports. Bank of America decreased their price target on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research note on Wednesday. Piper Sandler boosted their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday. Rosenblatt Securities boosted their price target on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research note on Wednesday. Mizuho boosted their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Finally, StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $326.92.

Insider Buying and Selling

In related news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at $17,320,940. This represents a 62.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Paul Scannell sold 3,171 shares of the stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $305.78, for a total transaction of $969,628.38. Following the completion of the sale, the vice president now directly owns 14,318 shares in the company, valued at $4,378,158.04. This trade represents a 18.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock valued at $33,538,875 in the last ninety days. 1.99% of the stock is owned by company 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.