Petros Family Wealth LLC Acquires New Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Petros Family Wealth LLC acquired a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 1,044 shares of the software maker’s stock, valued at approximately $314,000.

A number of other hedge funds have also bought and sold shares of CDNS. Norges Bank bought a new stake in shares of Cadence Design Systems during the 4th quarter valued at $1,170,209,000. Schroder Investment Management Group increased its position in shares of Cadence Design Systems by 53.1% during the fourth quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker’s stock valued at $623,105,000 after buying an additional 716,041 shares during the period. FMR LLC lifted its holdings in shares of Cadence Design Systems by 8.7% in the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock worth $2,397,266,000 after buying an additional 639,146 shares in the last quarter. Alliancebernstein L.P. boosted its position in shares of Cadence Design Systems by 12.5% in the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker’s stock valued at $1,705,469,000 after acquiring an additional 632,175 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in Cadence Design Systems during the fourth quarter valued at approximately $171,991,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total value of $164,216.00. Following the sale, the vice president now directly owns 108,799 shares of the company’s stock, valued at $27,486,979.36. This represents a 0.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 1,950 shares of company stock valued at $518,499 over the last three months. Corporate insiders own 1.99% of the company’s stock.

Analysts Set New Price Targets

CDNS has been the subject of a number of recent analyst reports. Piper Sandler boosted their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Redburn Atlantic assumed coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 price target for the company. Oppenheimer dropped their target price on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research report on Wednesday, March 19th. Needham & Company LLC reissued a “buy” rating and issued a $325.00 price target on shares of Cadence Design Systems in a report on Wednesday, February 19th. Finally, StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $324.83.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS opened at $259.47 on Friday. The company has a 50-day moving average price of $261.43 and a 200-day moving average price of $282.45. The company has a market cap of $71.18 billion, a price-to-earnings ratio of 67.22, a price-to-earnings-growth ratio of 3.88 and a beta of 1.14. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $328.99.

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

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.