Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Lake Street Private Wealth LLC

Lake Street Private Wealth LLC raised its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 13.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,663 shares of the software maker’s stock after purchasing an additional 444 shares during the period. Lake Street Private Wealth LLC’s holdings in Cadence Design Systems were worth $1,140,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Parkside Financial Bank & Trust raised its holdings in Cadence Design Systems by 8.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker’s stock valued at $140,000 after buying an additional 38 shares during the period. Highview Capital Management LLC DE raised its stake in shares of Cadence Design Systems by 0.8% in the 4th quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock valued at $1,411,000 after acquiring an additional 39 shares during the period. Fiduciary Trust Co lifted its holdings in shares of Cadence Design Systems by 0.6% during the 4th quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock valued at $1,833,000 after acquiring an additional 39 shares in the last quarter. Wealthcare Advisory Partners LLC boosted its position in Cadence Design Systems by 4.5% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock worth $296,000 after purchasing an additional 41 shares during the period. Finally, Capital Market Strategies LLC increased its holdings in Cadence Design Systems by 3.4% in the 1st quarter. Capital Market Strategies LLC now owns 1,261 shares of the software maker’s stock valued at $393,000 after purchasing an additional 42 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Buying and Selling at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $308.83, for a total value of $463,245.00. Following the completion of the transaction, the director now owns 50,183 shares of the company’s stock, valued at $15,498,015.89. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $165,216.00. Following the transaction, the senior vice president now directly owns 20,480 shares in the company, valued at approximately $5,639,372.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $308.83, for a total value of $463,245.00. Following the transaction, the director now directly owns 50,183 shares in the company, valued at $15,498,015.89. The disclosure for this sale can be found here. Insiders have sold 50,134 shares of company stock valued at $14,978,483 in the last quarter. Corporate insiders own 0.62% of the company’s stock.

Cadence Design Systems Trading Down 0.4 %

NASDAQ:CDNS opened at $315.47 on Thursday. Cadence Design Systems, Inc. has a 12-month low of $217.77 and a 12-month high of $328.99. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. The business has a 50 day simple moving average of $295.72 and a 200 day simple moving average of $294.56. The firm has a market capitalization of $85.94 billion, a P/E ratio of 82.15, a P/E/G ratio of 3.88 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results 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. The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. Cadence Design Systems’s revenue was down 1.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.02 EPS. Equities research analysts predict that Cadence Design Systems, Inc. will post 4.77 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Piper Sandler decreased their price target on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a report on Tuesday, April 23rd. Needham & Company LLC restated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research note on Friday, May 17th. KeyCorp upped their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Wells Fargo & Company raised their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. Finally, StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $334.89.

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.