Advisory Resource Group Has $1.01 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Advisory Resource Group increased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 11.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,977 shares of the software maker’s stock after purchasing an additional 403 shares during the quarter. Advisory Resource Group’s holdings in Cadence Design Systems were worth $1,011,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ancora Advisors LLC grew its position in shares of Cadence Design Systems by 1,400.0% during the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock worth $36,000 after buying an additional 112 shares during the period. Avalon Trust Co bought a new position in Cadence Design Systems in the fourth quarter valued at $39,000. OFI Invest Asset Management acquired a new stake in Cadence Design Systems in the 4th quarter valued at $46,000. Synergy Investment Management LLC bought a new stake in Cadence Design Systems during the 4th quarter worth about $50,000. Finally, Intact Investment Management Inc. acquired a new position in Cadence Design Systems during the fourth quarter valued at approximately $60,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Stock Down 0.7%

Shares of Cadence Design Systems stock opened at $296.84 on Thursday. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $328.99. The stock has a market capitalization of $81.05 billion, a price-to-earnings ratio of 75.15, a P/E/G ratio of 4.14 and a beta of 0.98. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.90 and a current ratio of 3.07. The company’s 50 day moving average price is $295.30 and its 200-day moving average price is $287.23.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same quarter last year, the firm posted $1.17 earnings per share. The firm’s revenue was up 23.1% on a year-over-year basis. Equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CDNS. JPMorgan Chase & Co. raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $300.00 to $325.00 in a report on Thursday, April 24th. Piper Sandler increased their price target on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. Robert W. Baird boosted their target price on shares of Cadence Design Systems from $293.00 to $325.00 and gave the company an “outperform” rating in a research report on Tuesday, April 29th. Mizuho increased their price objective on Cadence Design Systems from $300.00 to $325.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 29th. Finally, Oppenheimer dropped their price target on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research report on Wednesday, March 19th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $325.23.

Insider Transactions at Cadence Design Systems

In related news, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $275.00, for a total value of $49,500.00. Following the completion of the sale, the director now directly owns 7,411 shares in the company, valued at $2,038,025. The trade was a 2.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Anirudh Devgan sold 10,737 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the transaction, the chief executive officer now owns 209,548 shares in the company, valued at approximately $64,959,880. The trade was a 4.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 19,625 shares of company stock worth $5,972,453. 1.99% of the stock is currently owned by company insiders.

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.