Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by Integrated Wealth Concepts LLC

Integrated Wealth Concepts LLC raised its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 24.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,123 shares of the software maker’s stock after purchasing an additional 411 shares during the period. Integrated Wealth Concepts LLC’s holdings in Cadence Design Systems were worth $638,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in CDNS. Golden State Wealth Management LLC purchased a new position in shares of Cadence Design Systems in the 4th quarter worth $28,000. Avalon Trust Co purchased a new position in shares of Cadence Design Systems in the 4th quarter worth about $39,000. Versant Capital Management Inc lifted its stake in shares of Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after purchasing an additional 87 shares in the last quarter. OFI Invest Asset Management purchased a new stake in shares of Cadence Design Systems during the 4th quarter worth about $46,000. Finally, Synergy Investment Management LLC purchased a new position in Cadence Design Systems in the fourth quarter valued at approximately $50,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Scannell sold 4,710 shares of the stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $300.00, for a total value of $1,413,000.00. Following the completion of the transaction, the vice president now owns 28,442 shares in the company, valued at $8,532,600. This trade represents a 14.21 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $275.00, for a total value of $49,500.00. Following the completion of the transaction, the director now directly owns 7,411 shares in the company, valued at $2,038,025. This represents a 2.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,840 shares of company stock valued at $1,980,999 in the last three months. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Trading Up 0.7 %

Shares of Cadence Design Systems stock opened at $299.73 on Friday. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The business has a fifty day simple moving average of $257.13 and a 200-day simple moving average of $282.53. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $328.99. The firm has a market cap of $82.22 billion, a price-to-earnings ratio of 77.65, a price-to-earnings-growth ratio of 3.88 and a beta of 1.14.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.07. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The business’s revenue for the quarter was up 23.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.17 EPS. On average, equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Bank of America increased their price objective on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday. JPMorgan Chase & Co. upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and raised their target price for the company from $300.00 to $325.00 in a report on Thursday, April 24th. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Redburn Atlantic assumed coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They set a “buy” rating and a $350.00 price objective for the company. Finally, Mizuho lifted their price objective on shares of Cadence Design Systems from $300.00 to $325.00 and gave the company an “outperform” rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company. According to MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and a consensus target price of $322.54.

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.