Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by Net Worth Advisory Group

Net Worth Advisory Group grew its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 82.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,625 shares of the software maker’s stock after purchasing an additional 1,183 shares during the quarter. Net Worth Advisory Group’s holdings in Cadence Design Systems were worth $668,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of CDNS. Brighton Jones LLC lifted its holdings in Cadence Design Systems by 80.2% during the 4th quarter. Brighton Jones LLC now owns 1,519 shares of the software maker’s stock worth $456,000 after buying an additional 676 shares during the last quarter. Union Bancaire Privee UBP SA bought a new position in Cadence Design Systems during the fourth quarter worth $9,958,000. Golden State Wealth Management LLC acquired a new position in Cadence Design Systems in the fourth quarter worth $28,000. Kingsview Wealth Management LLC increased its stake in Cadence Design Systems by 1.2% during the fourth quarter. Kingsview Wealth Management LLC now owns 4,822 shares of the software maker’s stock valued at $1,449,000 after purchasing an additional 57 shares during the last quarter. Finally, Empowered Funds LLC raised its holdings in shares of Cadence Design Systems by 13.4% during the fourth quarter. Empowered Funds LLC now owns 14,708 shares of the software maker’s stock worth $4,419,000 after purchasing an additional 1,734 shares during the period. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Up 0.5%

Shares of CDNS stock opened at $307.20 on Thursday. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 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 business’s fifty day moving average is $289.74 and its 200-day moving average is $287.46. The stock has a market cap of $83.88 billion, a PE ratio of 79.59, a price-to-earnings-growth ratio of 3.88 and a beta of 0.99.

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 the consensus estimate of $1.50 by $0.07. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The business’s revenue for the quarter was up 23.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.17 EPS. Equities analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Scannell sold 4,710 shares of the firm’s stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the completion of the sale, the vice president now directly owns 28,442 shares in the company, valued at approximately $8,532,600. This trade represents a 14.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total transaction of $164,216.00. Following the sale, the vice president now owns 108,799 shares of the company’s stock, valued at approximately $27,486,979.36. This represents a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,625 shares of company stock valued at $5,670,453 over the last three months. Company insiders own 0.37% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on CDNS shares. Mizuho lifted their price target on shares of Cadence Design Systems from $300.00 to $325.00 and gave the company an “outperform” rating in a report on Tuesday, April 29th. Needham & Company LLC reiterated a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a research report on Tuesday, May 13th. KeyCorp boosted their price objective on Cadence Design Systems from $355.00 to $375.00 and gave the company an “overweight” rating in a research report on Thursday, May 15th. 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. Finally, Robert W. Baird boosted their price target on shares of Cadence Design Systems from $293.00 to $325.00 and gave the company an “outperform” rating in a report on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $325.23.

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.