BNC Wealth Management LLC Purchases 10,064 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Financial Planners


BNC Wealth Management LLC acquired a new position in the stock of Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) in the first quarter, according to a recent filing with the Securities and Exchange Commission. The company acquired 10,064 shares of software maker stock, worth about $2.114 million.

Many other hedge funds have also changed their stakes in the company. Ignite Planners LLC increased his stake in Cadence Design Systems shares by 4.4% during the first quarter. Ignite Planners LLC purchased an additional 53 shares during the period and now owns 1,260 shares of the software maker, valued at $269,000. Mission Wealth Management LP increased his stake in Cadence Design Systems stock by 0.8% during the fourth quarter. Mission Wealth Management LP now owns 7,310 shares in the software maker, valued at $1,174,000, after purchasing an additional 55 shares during the period. Glassman Wealth Services increased its stake in Cadence Design Systems shares by 13.9% during the fourth quarter. Glassman Wealth Services purchased an additional 57 shares during the period and now owns 466 shares of the software maker, valued at $75,000. Allworth Financial LP increased its stake in Cadence Design Systems shares by 14.4% during the first quarter. Allworth Financial LP purchased an additional 57 shares during the period and now owns 454 shares of the software maker, valued at $95,000. Finally, CWM LLC increased its stake in Cadence Design Systems by 1.0% during the fourth quarter. CWM LLC acquired an additional 58 shares during the period and now owns 5,717 shares of the software maker, valued at $918,000. Institutional investors currently hold 83.62% of the shares.

Analyst upgrades and downgrades

A number of equity analysts have commented on CDNS stock. Bank of America raised its price target on Cadence Design Systems from $225.00 to $240.00 in a research note on Tuesday, April 25. Robert W. Baird increased Cadence Design Systems’ price target from $215.00 to $223.00 in a research note on Tuesday, April 25th. KeyCorp raised its target price for Cadence Design Systems from $225.00 to $235.00 in a research note on Tuesday, April 25th. Deutsche Bank Aktiengesellschaft raised its price target for Cadence Design Systems from $222.00 to $230.00 in a research note on Wednesday, April 26. Finally, Wells Fargo & Company raised its price target on Cadence Design Systems from $215.00 to $235.00, giving the company an “Overweight” rating in its research note on Tuesday, April 11. One investment analyst assigned the stock a Hold rating, and ten others assigned a Buy rating. According to MarketBeat, the stock currently has an average rating of “moderate buy” and a consensus price target of $220.80.

Insider Activities at Cadence Design Systems

In related news, Vice President Thomas P. Beckley sold 76,003 shares of the company in a transaction on Thursday, May 18. The shares sold at an average price of $209.33 for a total transaction value of $15,909,707.99. After the sale, the Vice President now owns 185,761 shares of the Company’s stock, valued at approximately $38,885,350.13. The deal was disclosed in his SEC filings, which are available at this hyperlink. In other Cadence Design Systems news, VP Thomas P. Beckley sold 76,003 shares of his Cadence Design Systems stock in his Thursday, May 18th deal. The shares sold at an average price of $209.33 for a total transaction value of $15,909,707.99. Following the transaction, the Vice President will own directly 185,761 shares of the Company’s stock, valued at approximately $38,885,350.13. The sale was disclosed in documents filed with the Securities and Exchange Commission, which can be accessed at this link. Vice President Chin Chi Teng also sold 12,858 shares of Cadence Design Systems in a transaction on Friday, June 16. The shares were sold at an average price of $239.54 for a total of $3,080,005.32. After this transaction, the Vice President became a direct owner of 126,165 shares of the company, valued at $30,221,564.10. Disclosure information regarding this sale can be found here. Insiders sold a total of 204,161 shares in the company worth $43,077,117 in the last 90 days. 1.67% of the shares are owned by corporate insiders.

Price performance of the Cadence Design System

Nasdaq CDNS stock rose $0.88 to $235.40 in Tuesday noon trading. 860,271 shares were traded against an average volume of 2,251,150 shares. The company has a debt to equity ratio of 0.22, a current ratio of 1.44 and a quick ratio of 1.33. Cadence Design Systems shares hit a 12-month low of $138.76 and a high of $242.65. The company has a market cap of $64.19 billion, a P/E ratio of 75.21 times, a price/earnings multiple of 3.02 times, and a beta of 1.04 times. The company’s 50-day simple moving average is $220.04 and its 200-day simple moving average is $200.21.

Cadence Design Systems (NASDAQ:CDNS – Free Report) last released its quarterly earnings data on Monday, April 24th. The software maker reported earnings of $1.29 per share for the quarter, beating consensus expectations of $1.25 by $0.04. Cadence Design Systems’ return on equity was 33.80% and net profit margin was 23.24%. The company had revenue of $1.02 billion in the quarter, with consensus expectations of $1.01 billion. EPS for the same business was $0.95 in the year-ago quarter. Cadence Design Systems revenues for the quarter increased 13.3% year over year. Equity research analysts expect Cadence Design Systems’ EPS of $3.98 in the current fiscal year for the group as a whole.

Cadence Design System 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 such as hardware emulation and prototyping. Its functional verification product consists of JasperGold, a formal verification platform. Xcelium, a parallel logic simulation platform. Palladium, an enterprise emulation platform. Protium is a prototyping platform for chip verification.

References

Cadence Design Systems Quarterly Institutional Ownership (NASDAQ:CDNS)

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