Transcend Capital Advisors LLC Buys 255 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Transcend Capital Advisors LLC lifted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 16.0% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,848 shares of the software maker’s stock after purchasing an additional 255 shares during the period. Transcend Capital Advisors LLC’s holdings in Cadence Design Systems were worth $555,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in CDNS. Missouri Trust & Investment Co bought a new position in shares of Cadence Design Systems in the 3rd quarter worth $27,000. MidAtlantic Capital Management Inc. bought a new position in shares of Cadence Design Systems in the 3rd quarter worth $28,000. Golden State Wealth Management LLC bought a new position in shares of Cadence Design Systems in the 4th quarter worth $28,000. Versant Capital Management Inc lifted its holdings in Cadence Design Systems by 164.2% during the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after acquiring an additional 87 shares in the last quarter. Finally, Prestige Wealth Management Group LLC lifted its holdings in Cadence Design Systems by 56.6% during the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after acquiring an additional 60 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have weighed in on CDNS shares. Rosenblatt Securities lifted their target price on Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a report on Wednesday. Piper Sandler lifted their target price on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday. Bank of America reduced their target price on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a report on Wednesday. Robert W. Baird reduced their target price on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a report on Thursday. Finally, Needham & Company LLC reiterated a “buy” rating and set a $325.00 target price on shares of Cadence Design Systems in a report on Wednesday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $326.92.

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $258.27 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The stock’s 50-day simple moving average is $300.54 and its 200 day simple moving average is $287.03. The company has a market cap of $70.83 billion, a P/E ratio of 66.91, a P/E/G ratio of 3.88 and a beta of 1.03. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99.

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

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total transaction of $190,008.00. Following the transaction, the vice president now owns 58,773 shares of the company’s stock, valued at $17,180,523.36. The trade was a 1.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Paul Scannell sold 3,171 shares of the business’s 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 transaction, the vice president now directly 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 108,416 shares of company stock valued at $33,538,875. 1.99% of the stock is owned by insiders.

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.