Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by Sound View Wealth Advisors Group LLC

Sound View Wealth Advisors Group LLC grew its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 22.7% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 1,458 shares of the software maker’s stock after purchasing an additional 270 shares during the period. Sound View Wealth Advisors Group LLC’s holdings in Cadence Design Systems were worth $438,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Swedbank AB raised its position in Cadence Design Systems by 15.1% during the third quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock valued at $475,336,000 after acquiring an additional 230,672 shares in the last quarter. Impax Asset Management Group plc grew its stake in shares of Cadence Design Systems by 20.9% during the 3rd quarter. Impax Asset Management Group plc now owns 1,374,531 shares of the software maker’s stock worth $371,719,000 after purchasing an additional 237,495 shares during the period. Principal Financial Group Inc. increased its holdings in shares of Cadence Design Systems by 33.0% during the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after purchasing an additional 501,833 shares in the last quarter. CWA Asset Management Group LLC acquired a new position in shares of Cadence Design Systems in the 3rd quarter valued at $1,213,000. Finally, Verdence Capital Advisors LLC purchased a new stake in Cadence Design Systems during the third quarter worth $413,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Stock Up 0.0 %

NASDAQ CDNS opened at $243.21 on Monday. The business has a fifty day moving average price of $288.68 and a 200 day moving average price of $285.45. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The company has a market cap of $66.67 billion, a P/E ratio of 63.01, a P/E/G ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a one year low of $233.72 and a one year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. Research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CDNS. Bank of America cut their price objective on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. Rosenblatt Securities lifted their price target on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Wells Fargo & Company initiated coverage on Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target on the stock. Piper Sandler boosted their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Finally, Redburn Atlantic assumed coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 target price on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $326.92.

Insiders Place Their Bets

In related news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Scannell sold 3,171 shares of the business’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $305.78, for a total value of $969,628.38. Following the transaction, the vice president now directly owns 14,318 shares in the company, valued at $4,378,158.04. This trade represents a 18.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock valued at $33,504,126 in the last ninety days. 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.