ZRC Wealth Management LLC Makes New Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

ZRC Wealth Management LLC purchased a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 237 shares of the software maker’s stock, valued at approximately $74,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Valley National Advisers Inc. boosted its stake in shares of Cadence Design Systems by 90.4% during the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after buying an additional 47 shares during the period. Fortitude Family Office LLC purchased a new position in shares of Cadence Design Systems in the 4th quarter valued at approximately $28,000. Annapolis Financial Services LLC acquired a new stake in shares of Cadence Design Systems in the first quarter valued at about $32,000. Union Savings Bank purchased a new stake in Cadence Design Systems during the fourth quarter worth about $33,000. Finally, Rakuten Securities Inc. acquired a new position in Cadence Design Systems during the fourth quarter worth about $45,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $315.47 on Friday. Cadence Design Systems, Inc. has a 1-year low of $217.77 and a 1-year high of $328.99. The business’s 50-day simple moving average is $297.24 and its 200-day simple moving average is $294.85. 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 firm has a market capitalization of $85.94 billion, a P/E ratio of 82.15, a P/E/G ratio of 3.86 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 for the quarter, beating the consensus estimate 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 analyst estimates of $1 billion. The business’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.02 EPS. Equities analysts predict that Cadence Design Systems, Inc. will post 4.77 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on CDNS shares. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Monday, April 22nd. Wells Fargo & Company lifted their price target on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th. KeyCorp raised their target price 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. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research report on Friday, May 17th. Finally, Robert W. Baird increased their target price on Cadence Design Systems from $322.00 to $341.00 and gave the company an “outperform” rating in a report on Tuesday. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average target price of $334.89.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $309.09, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $307.75, for a total transaction of $184,650.00. Following the transaction, the senior vice president now directly owns 19,280 shares in the company, valued at approximately $5,933,420. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $309.09, for a total transaction of $463,635.00. Following the completion of the sale, the director now owns 48,051 shares in the company, valued at approximately $14,852,083.59. The disclosure for this sale can be found here. Over the last three months, insiders have sold 50,134 shares of company stock valued at $14,978,483. Corporate insiders own 0.62% of the company’s stock.

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.