HighPoint Advisor Group LLC Makes New $695,000 Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

HighPoint Advisor Group LLC acquired a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 2,553 shares of the software maker’s stock, valued at approximately $695,000.

Other hedge funds have also bought and sold shares of the company. Kestra Advisory Services LLC boosted its stake in Cadence Design Systems by 24.1% during the third quarter. Kestra Advisory Services LLC now owns 9,552 shares of the software maker’s stock valued at $2,238,000 after buying an additional 1,856 shares during the period. CenterBook Partners LP increased its holdings in shares of Cadence Design Systems by 39.2% in the 3rd quarter. CenterBook Partners LP now owns 5,283 shares of the software maker’s stock worth $1,238,000 after buying an additional 1,488 shares during the last quarter. Interchange Capital Partners LLC purchased a new stake in shares of Cadence Design Systems during the 3rd quarter valued at $248,000. Altshuler Shaham Ltd lifted its holdings in shares of Cadence Design Systems by 155.2% during the 3rd quarter. Altshuler Shaham Ltd now owns 319 shares of the software maker’s stock worth $75,000 after acquiring an additional 194 shares during the last quarter. Finally, LPL Financial LLC grew its position in Cadence Design Systems by 26.2% in the third quarter. LPL Financial LLC now owns 196,978 shares of the software maker’s stock worth $46,152,000 after acquiring an additional 40,919 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $309.09, for a total transaction of $463,635.00. Following the transaction, the director now owns 48,051 shares in the company, valued at approximately $14,852,083.59. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $309.09, for a total transaction of $463,635.00. Following the completion of the transaction, the director now owns 48,051 shares of the company’s stock, valued at $14,852,083.59. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $295.00, for a total transaction of $191,750.00. Following the sale, the vice president now owns 66,494 shares in the company, valued at approximately $19,615,730. The disclosure for this sale can be found here. Insiders sold a total of 62,834 shares of company stock valued at $18,989,549 over the last three months. Corporate insiders own 0.62% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. KeyCorp raised their price target on Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Wells Fargo & Company boosted their target price 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. Robert W. Baird increased their price target on shares of Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research report on Thursday, April 18th. Needham & Company LLC restated a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a report on Friday, May 17th. Finally, StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $331.11.

Cadence Design Systems Price Performance

CDNS opened at $326.50 on Wednesday. The stock’s 50 day moving average price is $291.97 and its 200-day moving average price is $291.23. Cadence Design Systems, Inc. has a 52-week low of $217.77 and a 52-week high of $327.36. The stock has a market capitalization of $88.95 billion, a PE ratio of 85.03, a price-to-earnings-growth ratio of 3.82 and a beta of 1.04. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. During the same period in the previous year, the firm earned $1.02 EPS. The company’s quarterly revenue was down 1.2% compared to the same quarter last year. On average, equities research analysts predict that Cadence Design Systems, Inc. will post 4.77 EPS for the current year.

Cadence Design Systems 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.