First Affirmative Financial Network Has $412,000 Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

First Affirmative Financial Network boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report) by 3.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,325 shares of the software maker’s stock after acquiring an additional 46 shares during the quarter. First Affirmative Financial Network’s holdings in Cadence Design Systems were worth $412,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Valley National Advisers Inc. grew its holdings in shares of Cadence Design Systems by 90.4% during the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after purchasing an additional 47 shares during the last quarter. Fortitude Family Office LLC bought a new position in Cadence Design Systems in the fourth quarter valued at about $28,000. Union Savings Bank bought a new position in Cadence Design Systems in the fourth quarter valued at about $33,000. Rakuten Securities Inc. bought a new position in Cadence Design Systems during the fourth quarter worth about $45,000. Finally, Rise Advisors LLC bought a new position in Cadence Design Systems during the first quarter worth about $45,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Stock Performance

Shares of CDNS stock traded down $0.14 during trading on Friday, reaching $318.39. 2,713,394 shares of the company’s stock were exchanged, compared to its average volume of 1,519,347. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $86.74 billion, a PE ratio of 82.91, a PEG ratio of 3.90 and a beta of 1.04. Cadence Design Systems, Inc. has a twelve month low of $217.77 and a twelve month high of $328.99. The firm’s fifty day moving average price is $292.83 and its 200-day moving average price is $292.05.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) last posted its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm’s revenue was down 1.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.02 EPS. As a group, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 4.77 EPS for the current year.

Analysts Set New Price Targets

CDNS has been the topic of a number of recent analyst reports. Wells Fargo & Company raised their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. Piper Sandler reduced their target price on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a report on Tuesday, April 23rd. KeyCorp raised their price target on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Friday, May 17th. Finally, Robert W. Baird raised their price target on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $331.11.

Get Our Latest Stock Report on CDNS

Insider Buying and Selling at Cadence Design Systems

In other news, CFO John M. Wall sold 21,700 shares of the company’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $311.40, for a total transaction of $6,757,380.00. Following the completion of the sale, the chief financial officer now directly owns 41,035 shares in the company, valued at approximately $12,778,299. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $186,276.00. Following the completion of the sale, the senior vice president now directly owns 21,080 shares in the company, valued at approximately $6,544,496.80. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO John M. Wall sold 21,700 shares of the stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $311.40, for a total value of $6,757,380.00. Following the completion of the transaction, the chief financial officer now owns 41,035 shares of the company’s stock, valued at $12,778,299. The disclosure for this sale can be found here. Insiders have sold a total of 62,834 shares of company stock valued at $18,989,549 in the last ninety days. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems 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

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

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