Western Wealth Management LLC Takes Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Western Wealth Management LLC bought a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 4th quarter, HoldingsChannel.com reports. The fund bought 809 shares of the software maker’s stock, valued at approximately $220,000.

Several other institutional investors have also recently made changes to their positions in CDNS. Nordea Investment Management AB increased its holdings in Cadence Design Systems by 124.8% in the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock worth $515,995,000 after acquiring an additional 1,052,228 shares in the last quarter. Wellington Management Group LLP increased its holdings in Cadence Design Systems by 143.3% in the 3rd quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock worth $383,062,000 after acquiring an additional 962,987 shares in the last quarter. Jennison Associates LLC increased its holdings in Cadence Design Systems by 8.7% in the 3rd quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock worth $1,651,166,000 after acquiring an additional 564,085 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in Cadence Design Systems by 261.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock worth $169,022,000 after acquiring an additional 448,918 shares in the last quarter. Finally, International Assets Investment Management LLC increased its holdings in Cadence Design Systems by 26,060.9% in the 4th quarter. International Assets Investment Management LLC now owns 278,090 shares of the software maker’s stock worth $757,430,000 after acquiring an additional 277,027 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CDNS has been the subject of several recent analyst reports. KeyCorp boosted their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Stifel Nicolaus lifted their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, February 13th. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, April 16th. Robert W. Baird lifted their target price on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research note on Thursday, April 18th. Finally, Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $260.00 to $350.00 in a research note on Wednesday, February 14th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $318.10.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $285.02 on Tuesday. The company has a current ratio of 1.24, a quick ratio of 1.13 and a debt-to-equity ratio of 0.09. The firm has a market cap of $77.59 billion, a PE ratio of 74.61, a price-to-earnings-growth ratio of 3.41 and a beta of 1.04. The company’s 50 day simple moving average is $305.09 and its 200-day simple moving average is $280.73. Cadence Design Systems, Inc. has a 12-month low of $194.01 and a 12-month high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) 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 net margin of 25.46% and a return on equity of 35.57%. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same period last year, the firm posted $1.02 earnings per share. As a group, equities analysts predict that Cadence Design Systems, Inc. will post 4.81 EPS for the current year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the sale, the vice president now directly owns 156,156 shares in the company, valued at approximately $46,375,208.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the sale, the vice president now directly owns 156,156 shares in the company, valued at approximately $46,375,208.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Aneel Zaman sold 1,207 shares of Cadence Design Systems stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $366,807.30. Following the transaction, the vice president now directly owns 61,150 shares of the company’s stock, valued at approximately $18,583,485. The disclosure for this sale can be found here. Insiders have sold a total of 177,544 shares of company stock worth $53,581,207 in the last three months. Insiders own 0.62% of the company’s stock.

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.