Petros Family Wealth LLC Boosts Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Petros Family Wealth LLC increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 19.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,245 shares of the software maker’s stock after buying an additional 201 shares during the period. Petros Family Wealth LLC’s holdings in Cadence Design Systems were worth $317,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Ancora Advisors LLC grew its holdings in 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 acquiring an additional 112 shares in the last quarter. Avalon Trust Co bought a new position in Cadence Design Systems during the 4th quarter worth about $39,000. OFI Invest Asset Management bought a new position in Cadence Design Systems during the 4th quarter worth about $46,000. Synergy Investment Management LLC bought a new position in Cadence Design Systems during the 4th quarter worth about $50,000. Finally, HWG Holdings LP bought a new position in Cadence Design Systems during the 1st quarter worth about $54,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Down 0.6%

CDNS stock opened at $293.56 on Tuesday. The firm has a 50 day moving average of $297.54 and a 200 day moving average of $286.53. The stock has a market capitalization of $80.15 billion, a PE ratio of 74.32, a price-to-earnings-growth ratio of 4.09 and a beta of 0.99. The company has a quick ratio of 2.90, a current ratio of 3.07 and a debt-to-equity ratio of 0.52. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $326.19.

Cadence Design Systems (NASDAQ:CDNS) last released its 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. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. Cadence Design Systems’s revenue for the quarter was up 23.1% on a year-over-year basis. During the same period last year, the business earned $1.17 EPS. Sell-side analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on CDNS shares. Robert W. Baird increased their target price on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an “outperform” rating in a report on Tuesday, April 29th. JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and raised their price target for the company from $300.00 to $325.00 in a report on Thursday, April 24th. Oppenheimer lowered their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a report on Wednesday, March 19th. Mizuho raised 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. Finally, Bank of America raised their price target on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a “buy” 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 issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $325.23.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $302.00, for a total transaction of $302,000.00. Following the completion of the transaction, the vice president now directly owns 106,499 shares of the company’s stock, valued at approximately $32,162,698. This trade represents a 0.93% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Ita M. Brennan sold 180 shares of the firm’s stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total transaction of $54,720.00. Following the transaction, the director now directly owns 8,010 shares of the company’s stock, valued at $2,435,040. This represents a 2.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,625 shares of company stock valued at $5,972,453. 0.37% of the stock is owned by insiders.

Cadence Design Systems Company 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.