Fourth Dimension Wealth LLC Buys New Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Fourth Dimension Wealth LLC bought a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 368 shares of the software maker’s stock, valued at approximately $111,000.

A number of other hedge funds have also added to or reduced their stakes in the business. Koshinski Asset Management Inc. bought a new position in shares of Cadence Design Systems in the 4th quarter valued at about $202,000. Atomi Financial Group Inc. grew its position in shares of Cadence Design Systems by 65.5% in the 4th quarter. Atomi Financial Group Inc. now owns 1,731 shares of the software maker’s stock valued at $520,000 after acquiring an additional 685 shares during the period. Simon Quick Advisors LLC grew its position in shares of Cadence Design Systems by 11.9% in the 4th quarter. Simon Quick Advisors LLC now owns 1,234 shares of the software maker’s stock valued at $371,000 after acquiring an additional 131 shares during the period. Advisory Alpha LLC bought a new position in shares of Cadence Design Systems in the 4th quarter valued at about $254,000. Finally, Janney Montgomery Scott LLC grew its position in shares of Cadence Design Systems by 7.7% in the 4th quarter. Janney Montgomery Scott LLC now owns 88,908 shares of the software maker’s stock valued at $26,713,000 after acquiring an additional 6,364 shares during the period. Institutional investors own 84.85% of the company’s stock.

Analyst Ratings Changes

CDNS has been the subject of a number of analyst reports. Oppenheimer decreased their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research report on Wednesday, March 19th. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $300.00 to $325.00 in a research report on Thursday, April 24th. Wall Street Zen cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Wells Fargo & Company raised their target price on shares of Cadence Design Systems from $350.00 to $365.00 and gave the stock an “overweight” rating in a research note on Friday, May 16th. Finally, Loop Capital cut their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research note on Wednesday, February 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’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $325.23.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $315.51 on Friday. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The company has a 50-day simple moving average of $279.22 and a two-hundred day simple moving average of $287.66. The stock has a market capitalization of $86.15 billion, a price-to-earnings ratio of 81.74, a price-to-earnings-growth ratio of 3.88 and a beta of 1.04.

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

Insiders Place Their Bets

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction dated Thursday, April 24th. The shares were 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 owns 7,411 shares in the company, valued at $2,038,025. The trade was a 2.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Anirudh Devgan sold 10,737 shares of Cadence Design Systems 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 completion of the sale, the chief executive officer now owns 209,548 shares of the company’s stock, valued at $64,959,880. This trade represents a 4.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,445 shares of company stock worth $5,594,127 in the last quarter. 1.99% of the stock is currently owned by corporate 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.