Brookstone Capital Management Buys 3,858 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Brookstone Capital Management grew its position in Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report) by 36.1% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 14,532 shares of the software maker’s stock after purchasing an additional 3,858 shares during the period. Brookstone Capital Management’s holdings in Cadence Design Systems were worth $4,366,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the company. Missouri Trust & Investment Co bought a new position in Cadence Design Systems in the 3rd quarter valued at $27,000. MidAtlantic Capital Management Inc. bought a new position in shares of Cadence Design Systems in the third quarter valued at about $28,000. Versant Capital Management Inc lifted its position in Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after buying an additional 87 shares in the last quarter. Prestige Wealth Management Group LLC lifted its position in Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after buying an additional 60 shares in the last quarter. Finally, Meeder Asset Management Inc. increased its position in Cadence Design Systems by 30.3% in the 3rd quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock valued at $55,000 after acquiring an additional 47 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Up 0.6 %

NASDAQ:CDNS opened at $294.19 on Wednesday. The business’s 50-day simple moving average is $304.32 and its 200-day simple moving average is $285.20. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The stock has a market capitalization of $80.69 billion, a PE ratio of 77.22, a price-to-earnings-growth ratio of 4.16 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) last released its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter in the prior year, the company earned $1.01 earnings per share. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. Sell-side analysts expect that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CDNS has been the topic of a number of research reports. Loop Capital began coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 target price on the stock. Redburn Atlantic assumed coverage on Cadence Design Systems in a research report on Monday. They issued a “buy” rating and a $350.00 price objective on the stock. Mizuho boosted their target price on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Needham & Company LLC decreased their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Finally, Wells Fargo & Company initiated coverage on Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and an average target price of $329.50.

Check Out Our Latest Stock Report on CDNS

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $276.00, for a total transaction of $179,400.00. Following the completion of the transaction, the vice president now directly owns 61,111 shares in the company, valued at approximately $16,866,636. The trade was a 1.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the transaction, the chief executive officer now directly 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 108,416 shares of company stock worth $33,528,267. Corporate insiders own 1.99% of the company’s stock.

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.

Further Reading

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

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