FFT Wealth Management LLC Acquires New Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS)

FFT Wealth Management LLC acquired a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 1,355 shares of the software maker’s stock, valued at approximately $407,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Missouri Trust & Investment Co purchased a new position in shares of Cadence Design Systems during the third quarter valued at approximately $27,000. MidAtlantic Capital Management Inc. purchased a new stake in Cadence Design Systems during the 3rd quarter valued at $28,000. Golden State Wealth Management LLC bought a new position in shares of Cadence Design Systems during the 4th quarter valued at $28,000. Versant Capital Management Inc boosted its stake in shares of Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after buying an additional 87 shares during the last quarter. Finally, Prestige Wealth Management Group LLC grew its holdings in shares of Cadence Design Systems by 56.6% in the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after acquiring an additional 60 shares during the period. Institutional investors own 84.85% of the company’s stock.

Insider Buying and Selling

In other news, CEO Anirudh Devgan sold 93,151 shares of the company’s 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 directly owns 55,874 shares of the company’s stock, valued at $17,320,940. This represents a 62.51 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total value of $190,008.00. Following the transaction, the vice president now owns 58,773 shares of the company’s stock, valued at $17,180,523.36. This represents a 1.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 108,416 shares of company stock worth $33,538,875. 1.99% of the stock is owned by insiders.

Cadence Design Systems Trading Down 1.6 %

Shares of CDNS stock opened at $248.90 on Wednesday. The stock has a fifty day simple moving average of $298.08 and a two-hundred day simple moving average of $287.22. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. The firm has a market capitalization of $68.26 billion, a PE ratio of 64.48, a PEG ratio of 3.88 and a beta of 1.03. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) 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 business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. On average, analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CDNS shares. Needham & Company LLC reissued a “buy” rating and issued a $325.00 target price on shares of Cadence Design Systems in a report on Wednesday, February 19th. Loop Capital dropped their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Piper Sandler boosted their target price 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. Robert W. Baird decreased their price target on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. Finally, StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $326.92.

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.