RWA Wealth Partners LLC Takes $548,000 Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

RWA Wealth Partners LLC bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 2,013 shares of the software maker’s stock, valued at approximately $548,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Valley National Advisers Inc. boosted 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 acquiring an additional 47 shares during the period. Fortitude Family Office LLC bought a new position in Cadence Design Systems during the 4th quarter worth $28,000. OFI Invest Asset Management bought a new position in Cadence Design Systems during the 3rd quarter worth $26,000. Rakuten Securities Inc. acquired a new stake in shares of Cadence Design Systems during the fourth quarter worth $45,000. Finally, Catalyst Capital Advisors LLC boosted its position in shares of Cadence Design Systems by 34.7% in the third quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker’s stock valued at $47,000 after acquiring an additional 52 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $277.08 on Friday. Cadence Design Systems, Inc. has a one year low of $198.92 and a one year high of $327.36. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.13. The company has a market cap of $75.43 billion, a price-to-earnings ratio of 72.16, a PEG ratio of 3.26 and a beta of 1.04. The firm has a 50 day simple moving average of $304.01 and a 200 day simple moving average of $280.94.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data 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. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. During the same quarter in the previous year, the company posted $1.02 EPS. Cadence Design Systems’s quarterly revenue was down 1.2% compared to the same quarter last year. Research analysts predict that Cadence Design Systems, Inc. will post 4.79 earnings per share for the current fiscal year.

Insider Transactions at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total value of $449,130.00. Following the completion of the transaction, the director now owns 53,183 shares in the company, valued at approximately $15,924,053.86. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $310.46, for a total value of $186,276.00. Following the completion of the sale, the senior vice president now owns 21,080 shares of the company’s stock, valued at $6,544,496.80. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total value of $449,130.00. Following the completion of the transaction, the director now directly owns 53,183 shares in the company, valued at $15,924,053.86. The disclosure for this sale can be found here. Over the last three months, insiders have sold 173,044 shares of company stock worth $52,231,207. Insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on CDNS. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Monday. Wells Fargo & Company increased their price target on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a report on Friday, April 19th. Piper Sandler cut their target price on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research report on Tuesday. Finally, StockNews.com raised Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Wednesday. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and a consensus price target of $316.50.

Cadence Design Systems Company 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.