Ancora Advisors LLC Buys 112 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Ancora Advisors LLC increased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1,400.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 120 shares of the software maker’s stock after buying an additional 112 shares during the quarter. Ancora Advisors LLC’s holdings in Cadence Design Systems were worth $36,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wahed Invest LLC raised its stake in shares of Cadence Design Systems by 2.7% during the fourth quarter. Wahed Invest LLC now owns 6,799 shares of the software maker’s stock valued at $2,043,000 after acquiring an additional 179 shares during the last quarter. South Plains Financial Inc. bought a new position in Cadence Design Systems during the 4th quarter valued at approximately $1,057,000. Mercer Global Advisors Inc. ADV lifted its holdings in Cadence Design Systems by 52.3% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 45,906 shares of the software maker’s stock worth $13,793,000 after buying an additional 15,769 shares during the period. Keel Point LLC increased its stake in shares of Cadence Design Systems by 32.7% during the fourth quarter. Keel Point LLC now owns 1,080 shares of the software maker’s stock valued at $324,000 after buying an additional 266 shares during the period. Finally, Freestone Grove Partners LP bought a new position in shares of Cadence Design Systems during the fourth quarter valued at approximately $38,766,000. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $308.34 on Thursday. The stock’s fifty day moving average is $261.72 and its 200 day moving average is $283.76. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $328.99. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The stock has a market cap of $84.19 billion, a P/E ratio of 79.88, a P/E/G ratio of 3.88 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates of $1.50 by $0.07. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business’s quarterly revenue was up 23.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.17 EPS. Sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the firm’s stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $275.00, for a total transaction of $49,500.00. Following the sale, the director now directly owns 7,411 shares of the company’s stock, valued at $2,038,025. This trade represents a 2.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Scannell sold 4,710 shares of the company’s stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $300.00, for a total value of $1,413,000.00. Following the completion of the transaction, the vice president now directly owns 28,442 shares of the company’s stock, valued at approximately $8,532,600. This trade represents a 14.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 17,577 shares of company stock valued at $5,316,411 over the last three months. Corporate insiders own 0.37% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Bank of America upped their price objective on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. Rosenblatt Securities raised their price objective on shares of Cadence Design Systems from $295.00 to $300.00 and gave the stock a “neutral” rating in a report on Tuesday, April 29th. JPMorgan Chase & Co. raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $300.00 to $325.00 in a research report on Thursday, April 24th. Needham & Company LLC restated a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a research report on Tuesday, April 29th. Finally, Piper Sandler raised their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $322.54.

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.