Physician Wealth Advisors Inc. Acquires 69 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Physician Wealth Advisors Inc. grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 47.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 213 shares of the software maker’s stock after purchasing an additional 69 shares during the period. Physician Wealth Advisors Inc.’s holdings in Cadence Design Systems were worth $54,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Park Square Financial Group LLC bought a new stake in Cadence Design Systems during the 4th quarter valued at $348,000. Citizens Financial Group Inc. RI grew its position in shares of Cadence Design Systems by 80.6% in the fourth quarter. Citizens Financial Group Inc. RI now owns 8,058 shares of the software maker’s stock valued at $2,421,000 after purchasing an additional 3,595 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Cadence Design Systems by 4.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 209,463 shares of the software maker’s stock valued at $62,935,000 after purchasing an additional 8,570 shares during the period. Royal London Asset Management Ltd. lifted its holdings in Cadence Design Systems by 5.2% during the 4th quarter. Royal London Asset Management Ltd. now owns 155,873 shares of the software maker’s stock worth $46,834,000 after purchasing an additional 7,766 shares in the last quarter. Finally, Jensen Investment Management Inc. bought a new position in Cadence Design Systems in the 4th quarter worth about $126,571,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CDNS. Mizuho upped their price target on Cadence Design Systems from $300.00 to $325.00 and gave the company an “outperform” rating in a research report on Tuesday, April 29th. KeyCorp upped their target price on shares of Cadence Design Systems from $355.00 to $375.00 and gave the stock an “overweight” rating in a report on Thursday, May 15th. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and raised their price target for the company from $300.00 to $325.00 in a report on Thursday, April 24th. Bank of America boosted their price target on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a “buy” rating in a research report on Tuesday, April 29th. Finally, Rosenblatt Securities lifted their price objective on Cadence Design Systems from $295.00 to $300.00 and gave the company a “neutral” rating in a research note on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $325.23.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $310.95 on Thursday. The firm has a market capitalization of $84.90 billion, a PE ratio of 78.72, a price-to-earnings-growth ratio of 4.29 and a beta of 0.99. The company has a current ratio of 3.07, a quick ratio of 2.90 and a debt-to-equity ratio of 0.52. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $327.35. The business’s 50-day moving average price is $303.79 and its 200-day moving average price is $286.69.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.07. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. The business’s quarterly revenue was up 23.1% on a year-over-year basis. During the same period last year, the business earned $1.17 earnings per share. Sell-side analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Anirudh Devgan sold 10,737 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the completion of the sale, the chief executive officer directly owned 209,548 shares in the company, valued at $64,959,880. This represents a 4.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Paul Scannell sold 4,710 shares of Cadence Design Systems stock in a transaction that occurred 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 directly owned 28,442 shares in the company, valued at $8,532,600. This trade represents a 14.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,975 shares of company stock valued at $5,808,237 over the last three months. 1.99% of the stock is currently owned by company insiders.

About Cadence Design Systems

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.