Perigon Wealth Management LLC Has $1.58 Million Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Perigon Wealth Management LLC lifted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,292 shares of the software maker’s stock after buying an additional 84 shares during the period. Perigon Wealth Management LLC’s holdings in Cadence Design Systems were worth $1,582,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of CDNS. Northwestern Mutual Wealth Management Co. boosted its position in shares of Cadence Design Systems by 5.8% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 27,929 shares of the software maker’s stock worth $8,595,000 after buying an additional 1,523 shares during the period. Regal Investment Advisors LLC acquired a new position in shares of Cadence Design Systems during the second quarter worth about $301,000. EP Wealth Advisors LLC boosted its position in shares of Cadence Design Systems by 5.2% during the second quarter. EP Wealth Advisors LLC now owns 2,416 shares of the software maker’s stock worth $743,000 after buying an additional 119 shares during the period. Truist Financial Corp boosted its position in shares of Cadence Design Systems by 4.6% during the second quarter. Truist Financial Corp now owns 321,015 shares of the software maker’s stock worth $98,792,000 after buying an additional 13,972 shares during the period. Finally, 3Chopt Investment Partners LLC acquired a new position in shares of Cadence Design Systems during the second quarter worth about $253,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on CDNS shares. Loop Capital started coverage on Cadence Design Systems in a report on Monday, November 11th. They set a “buy” rating and a $360.00 target price on the stock. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 29th. Redburn Atlantic started 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. Robert W. Baird upped their target price on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Finally, Wells Fargo & Company started coverage on Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price on the stock. One analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $329.50.

Insider Activity

In related news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at $17,320,940. This represents a 62.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 sale, the vice president now directly owns 61,111 shares in the company, valued at $16,866,636. This represents a 1.05 % 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 $33,528,267. 1.99% of the stock is owned by insiders.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $289.88 on Thursday. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The stock’s 50 day moving average is $306.04 and its 200-day moving average is $284.61. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $79.50 billion, a price-to-earnings ratio of 76.08, a PEG ratio of 3.70 and a beta of 1.04.

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

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.