Braun Stacey Associates Inc. Invests $18.85 Million in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Braun Stacey Associates Inc. acquired a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 69,202 shares of the software maker’s stock, valued at approximately $18,849,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Lindbrook Capital LLC grew its stake in Cadence Design Systems by 2.5% in the third quarter. Lindbrook Capital LLC now owns 1,844 shares of the software maker’s stock worth $432,000 after purchasing an additional 45 shares in the last quarter. Savant Capital LLC grew its stake in Cadence Design Systems by 2.7% in the third quarter. Savant Capital LLC now owns 1,733 shares of the software maker’s stock worth $406,000 after purchasing an additional 45 shares in the last quarter. Advisors Asset Management Inc. grew its stake in Cadence Design Systems by 9.0% in the third quarter. Advisors Asset Management Inc. now owns 545 shares of the software maker’s stock worth $128,000 after purchasing an additional 45 shares in the last quarter. First Trust Direct Indexing L.P. grew its stake in Cadence Design Systems by 1.0% in the third quarter. First Trust Direct Indexing L.P. now owns 4,658 shares of the software maker’s stock worth $1,091,000 after purchasing an additional 47 shares in the last quarter. Finally, McGlone Suttner Wealth Management Inc. grew its stake in Cadence Design Systems by 4.6% in the third quarter. McGlone Suttner Wealth Management Inc. now owns 1,093 shares of the software maker’s stock worth $256,000 after purchasing an additional 48 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have issued reports on CDNS. StockNews.com raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Tuesday, March 12th. Needham & Company LLC reissued a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a report on Wednesday, March 6th. KeyCorp raised their target price on shares of Cadence Design Systems from $325.00 to $335.00 and gave the stock an “overweight” rating in a report on Tuesday, February 13th. Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. Finally, Robert W. Baird lifted their price target on Cadence Design Systems from $289.00 to $302.00 and gave the company an “outperform” rating in a report on Tuesday, February 13th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $313.60.

Get Our Latest Stock Analysis on Cadence Design Systems

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $310,460.00. Following the transaction, the vice president now directly owns 68,144 shares in the company, valued at approximately $21,155,986.24. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 11,500 shares of Cadence Design Systems stock in a transaction that occurred on Friday, January 12th. The shares were sold at an average price of $267.67, for a total transaction of $3,078,205.00. Following the transaction, the director now directly owns 59,183 shares in the company, valued at approximately $15,841,513.61. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction on Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $310,460.00. Following the sale, the vice president now directly owns 68,144 shares of the company’s stock, valued at approximately $21,155,986.24. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 223,544 shares of company stock worth $66,184,727. 1.99% of the stock is owned by insiders.

Cadence Design Systems Trading Up 1.4 %

Cadence Design Systems stock opened at $310.58 on Thursday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24. The firm has a market cap of $84.55 billion, a price-to-earnings ratio of 81.30, a price-to-earnings-growth ratio of 3.73 and a beta of 1.04. Cadence Design Systems, Inc. has a 1 year low of $194.01 and a 1 year high of $327.36. The firm’s 50 day moving average price is $304.24 and its two-hundred day moving average price is $274.26.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) last posted its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.05. The firm had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.06 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.75 earnings per share. On average, research analysts predict that Cadence Design Systems, Inc. will post 4.81 EPS for the current fiscal year.

Cadence Design Systems Company Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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