Redhawk Wealth Advisors Inc. Increases Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Redhawk Wealth Advisors Inc. lifted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.6% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 11,565 shares of the software maker’s stock after purchasing an additional 509 shares during the period. Redhawk Wealth Advisors Inc.’s holdings in Cadence Design Systems were worth $3,475,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in CDNS. Oppenheimer & Co. Inc. increased its holdings in Cadence Design Systems by 7.8% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 5,237 shares of the software maker’s stock valued at $1,612,000 after purchasing an additional 377 shares during the period. Brown Brothers Harriman & Co. grew its position in shares of Cadence Design Systems by 72.5% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 2,856 shares of the software maker’s stock worth $879,000 after buying an additional 1,200 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Cadence Design Systems by 7.7% during the second quarter. Dimensional Fund Advisors LP now owns 596,897 shares of the software maker’s stock valued at $183,705,000 after buying an additional 42,895 shares during the period. Citizens Financial Group Inc. RI bought a new position in shares of Cadence Design Systems during the second quarter valued at approximately $1,330,000. Finally, Mutual of America Capital Management LLC lifted its stake in Cadence Design Systems by 8.0% in the second quarter. Mutual of America Capital Management LLC now owns 38,519 shares of the software maker’s stock worth $11,854,000 after acquiring an additional 2,849 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CDNS. Mizuho boosted their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Needham & Company LLC cut their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Berenberg Bank started coverage on Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price on the stock. Finally, Oppenheimer assumed coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $329.50.

Cadence Design Systems Stock Up 2.2 %

Shares of Cadence Design Systems stock opened at $300.72 on Thursday. The stock has a market cap of $82.48 billion, a price-to-earnings ratio of 78.93, a PEG ratio of 4.16 and a beta of 1.04. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The firm’s 50-day moving average is $304.32 and its two-hundred day moving average is $285.20.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same period last year, the firm earned $1.01 earnings per share. Cadence Design Systems’s revenue was up 18.8% compared to the same quarter last year. As a group, research analysts expect that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Insider Activity

In related news, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $276.00, for a total value of $179,400.00. Following the completion of the sale, the vice president now owns 61,111 shares of the company’s stock, valued at approximately $16,866,636. This trade represents a 1.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the transaction, the chief executive officer now owns 55,874 shares in the company, valued at $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock valued at $33,528,267 in the last ninety days. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Company 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.