NorthRock Partners LLC Raises Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

NorthRock Partners LLC grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report) by 86.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,835 shares of the software maker’s stock after buying an additional 853 shares during the period. NorthRock Partners LLC’s holdings in Cadence Design Systems were worth $500,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Valley National Advisers Inc. lifted its stake in Cadence Design Systems by 90.4% in the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after purchasing an additional 47 shares in the last quarter. Fortitude Family Office LLC bought a new stake in Cadence Design Systems during the fourth quarter valued at $28,000. OFI Invest Asset Management purchased a new position in Cadence Design Systems during the third quarter worth about $26,000. Rakuten Securities Inc. bought a new position in Cadence Design Systems in the 4th quarter worth about $45,000. Finally, Catalyst Capital Advisors LLC increased its position in shares of Cadence Design Systems by 34.7% in the third quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker’s stock worth $47,000 after purchasing an additional 52 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 1,454 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $441,870.60. Following the sale, the chief executive officer now directly owns 136,455 shares in the company, valued at approximately $41,468,674.50. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $287.14, for a total value of $430,710.00. Following the completion of the transaction, the director now directly owns 49,551 shares of the company’s stock, valued at $14,228,074.14. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Anirudh Devgan sold 1,454 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $441,870.60. Following the sale, the chief executive officer now directly owns 136,455 shares in the company, valued at $41,468,674.50. The disclosure for this sale can be found here. Insiders have sold a total of 109,298 shares of company stock worth $33,247,394 in the last 90 days. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Down 0.0 %

CDNS stock traded down $0.12 during midday trading on Friday, hitting $288.81. The company had a trading volume of 895,919 shares, compared to its average volume of 1,746,309. The stock has a market cap of $78.60 billion, a price-to-earnings ratio of 75.21, a PEG ratio of 3.41 and a beta of 1.06. Cadence Design Systems, Inc. has a 52 week low of $203.13 and a 52 week high of $327.36. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. The stock’s 50 day moving average price is $297.52 and its 200 day moving average price is $285.45.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) last posted its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 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 company had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. During the same period in the prior year, the business posted $1.02 EPS. The firm’s revenue was down 1.2% compared to the same quarter last year. As a group, equities research analysts expect that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CDNS. Robert W. Baird raised their price objective 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. KeyCorp lifted their price target on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Stifel Nicolaus upped their target price on Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, February 13th. Finally, Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Monday, April 22nd. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $326.11.

Read Our Latest Research Report on Cadence Design Systems

Cadence Design Systems Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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