Kestra Private Wealth Services LLC Boosts Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Kestra Private Wealth Services LLC raised its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 29.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 11,867 shares of the software maker’s stock after purchasing an additional 2,721 shares during the period. Kestra Private Wealth Services LLC’s holdings in Cadence Design Systems were worth $3,232,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Valley National Advisers Inc. boosted its stake in Cadence Design Systems by 90.4% during the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after purchasing an additional 47 shares during the last quarter. Fortitude Family Office LLC purchased a new stake in Cadence Design Systems during the 4th quarter valued at $28,000. OFI Invest Asset Management purchased a new stake in Cadence Design Systems during the 3rd quarter valued at $26,000. Rakuten Securities Inc. purchased a new stake in Cadence Design Systems during the 4th quarter valued at $45,000. Finally, Catalyst Capital Advisors LLC boosted its stake in Cadence Design Systems by 34.7% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker’s stock valued at $47,000 after purchasing an additional 52 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total value of $449,130.00. Following the completion of the transaction, the director now owns 53,183 shares in the company, valued at $15,924,053.86. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total value of $449,130.00. Following the completion of the transaction, the director now owns 53,183 shares in the company, valued at $15,924,053.86. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Aneel Zaman sold 1,207 shares of Cadence Design Systems stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $366,807.30. Following the completion of the transaction, the vice president now owns 61,150 shares of the company’s stock, valued at approximately $18,583,485. The disclosure for this sale can be found here. Over the last three months, insiders have sold 173,044 shares of company stock valued at $52,231,207. 0.62% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have commented on CDNS shares. Wells Fargo & Company increased their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday, April 16th. StockNews.com upgraded Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Wednesday, April 24th. Robert W. Baird raised their price target on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research note on Thursday, April 18th. KeyCorp raised their target price on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Finally, Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $326.11.

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $275.63 on Wednesday. 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 business’s 50-day simple moving average is $303.36 and its two-hundred day simple moving average is $282.00. The stock has a market cap of $75.01 billion, a PE ratio of 71.78, a P/E/G ratio of 3.33 and a beta of 1.04. Cadence Design Systems, Inc. has a 52 week low of $198.92 and a 52 week high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same period in the previous year, the firm posted $1.02 earnings per share. The business’s revenue was down 1.2% compared to the same quarter last year. As a group, analysts forecast that Cadence Design Systems, Inc. will post 4.78 EPS for the current fiscal year.

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.