Onefund LLC Invests $218,000 in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Onefund LLC purchased a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 726 shares of the software maker’s stock, valued at approximately $218,000.

Several other institutional investors have also recently added to or reduced their stakes in CDNS. Swedbank AB raised its holdings in Cadence Design Systems by 15.1% in the third quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock valued at $475,336,000 after acquiring an additional 230,672 shares in the last quarter. Arkadios Wealth Advisors bought a new stake in Cadence Design Systems during the third quarter valued at $202,000. Strategic Blueprint LLC bought a new stake in Cadence Design Systems during the third quarter valued at $248,000. Pinnacle Associates Ltd. increased its stake in Cadence Design Systems by 7.9% during the third quarter. Pinnacle Associates Ltd. now owns 999 shares of the software maker’s stock valued at $272,000 after purchasing an additional 73 shares during the last quarter. Finally, Catalyst Financial Partners LLC increased its holdings in shares of Cadence Design Systems by 6.0% in the 3rd quarter. Catalyst Financial Partners LLC now owns 1,072 shares of the software maker’s stock worth $291,000 after acquiring an additional 61 shares during the period. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Trading Up 0.8 %

Shares of NASDAQ CDNS opened at $250.50 on Friday. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99. The firm has a market capitalization of $68.66 billion, a PE ratio of 64.90, a PEG ratio of 3.88 and a beta of 1.03. 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 business has a 50-day moving average price of $295.10 and a two-hundred day moving average price of $286.61.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data 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 business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. As a group, analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $306.19, for a total transaction of $199,023.50. Following the completion of the sale, the vice president now directly owns 60,461 shares in the company, valued at $18,512,553.59. The trade was a 1.06 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the sale, the chief executive officer now owns 55,874 shares of the company’s stock, 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. In the last ninety days, insiders sold 108,416 shares of company stock worth $33,538,875. 1.99% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on CDNS. Rosenblatt Securities upped their target price on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Piper Sandler raised their target price on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Bank of America decreased their price target on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Mizuho lifted their target price on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Finally, Redburn Atlantic assumed coverage on Cadence Design Systems in a report on Monday, January 13th. They set a “buy” rating and a $350.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average price target of $326.92.

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.