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

Rialto Wealth Management LLC purchased a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 500 shares of the software maker’s stock, valued at approximately $150,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of CDNS. Lifeworks Advisors LLC bought a new stake in Cadence Design Systems during the 4th quarter worth approximately $226,000. Arjuna Capital purchased a new position in shares of Cadence Design Systems during the 4th quarter valued at $255,000. Banco Santander S.A. increased its holdings in shares of Cadence Design Systems by 105.5% in the fourth quarter. Banco Santander S.A. now owns 10,536 shares of the software maker’s stock worth $3,166,000 after purchasing an additional 5,409 shares during the period. PNC Financial Services Group Inc. raised its position in shares of Cadence Design Systems by 0.8% in the fourth quarter. PNC Financial Services Group Inc. now owns 312,633 shares of the software maker’s stock worth $93,934,000 after buying an additional 2,337 shares in the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich boosted its stake in Cadence Design Systems by 2.9% during the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,119,195 shares of the software maker’s stock valued at $363,523,000 after buying an additional 31,339 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CDNS has been the topic of a number of research analyst reports. Rosenblatt Securities upped their target price on Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Wells Fargo & Company began coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price on the stock. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Loop Capital decreased their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Finally, Mizuho lifted their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $326.92.

Cadence Design Systems Stock Up 0.0 %

Shares of NASDAQ:CDNS opened at $243.21 on Friday. Cadence Design Systems, Inc. has a 12-month low of $233.72 and a 12-month high of $328.99. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The stock’s 50-day moving average price is $288.68 and its 200-day moving average price is $285.44. The stock has a market capitalization of $66.67 billion, a P/E ratio of 63.01, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. On average, equities analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Scannell sold 3,171 shares of the stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $305.78, for a total value of $969,628.38. Following the completion of the sale, the vice president now owns 14,318 shares in the company, valued at approximately $4,378,158.04. This trade represents a 18.13 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the sale, the chief executive officer now owns 55,874 shares in the company, valued at approximately $17,320,940. This represents a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 108,416 shares of company stock worth $33,504,126 in the last three months. 1.99% of the stock is owned by insiders.

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.