Blue Sky Capital Consultants Group Inc. Makes New $267,000 Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Blue Sky Capital Consultants Group Inc. bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 888 shares of the software maker’s stock, valued at approximately $267,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Golden State Wealth Management LLC purchased a new stake in Cadence Design Systems during the fourth quarter worth about $28,000. Ancora Advisors LLC lifted its position in shares of Cadence Design Systems by 1,400.0% during the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock valued at $36,000 after acquiring an additional 112 shares during the period. Avalon Trust Co purchased a new stake in shares of Cadence Design Systems during the 4th quarter worth approximately $39,000. OFI Invest Asset Management acquired a new stake in shares of Cadence Design Systems in the 4th quarter worth approximately $46,000. Finally, Synergy Investment Management LLC purchased a new position in Cadence Design Systems in the 4th quarter valued at approximately $50,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have commented on CDNS shares. Needham & Company LLC reiterated a “buy” rating and set a $325.00 target price on shares of Cadence Design Systems in a research report on Tuesday, May 13th. Robert W. Baird boosted their price objective on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 29th. Piper Sandler raised their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $300.00 to $325.00 in a research report on Thursday, April 24th. Finally, Oppenheimer lowered their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research report on Wednesday, March 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $325.23.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, Director James D. Plummer sold 868 shares of the firm’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $319.95, for a total value of $277,716.60. Following the sale, the director now directly owns 23,996 shares of the company’s stock, valued at approximately $7,677,520.20. This trade represents a 3.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total transaction of $164,216.00. Following the transaction, the vice president now owns 108,799 shares in the company, valued at approximately $27,486,979.36. The trade was a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,445 shares of company stock worth $5,594,127. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $315.51 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The firm has a market cap of $86.15 billion, a PE ratio of 81.74, a P/E/G ratio of 3.88 and a beta of 1.04. The firm has a 50 day simple moving average of $279.22 and a 200-day simple moving average of $287.66. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $328.99.

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 the consensus estimate of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the previous year, the company earned $1.17 EPS. Cadence Design Systems’s revenue for the quarter was up 23.1% on a year-over-year basis. On average, equities analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

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.