Spire Wealth Management Buys 3,790 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Spire Wealth Management boosted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 15.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 28,412 shares of the software maker’s stock after buying an additional 3,790 shares during the quarter. Spire Wealth Management’s holdings in Cadence Design Systems were worth $8,299,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Nordea Investment Management AB boosted its holdings in shares of Cadence Design Systems by 124.8% in the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock worth $515,995,000 after purchasing an additional 1,052,228 shares during the period. Wellington Management Group LLP grew its stake in Cadence Design Systems by 143.3% in the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after purchasing an additional 962,987 shares during the last quarter. Jennison Associates LLC lifted its position in Cadence Design Systems by 8.7% during the third quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock valued at $1,651,166,000 after acquiring an additional 564,085 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Cadence Design Systems by 261.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock worth $169,022,000 after purchasing an additional 448,918 shares in the last quarter. Finally, International Assets Investment Management LLC grew its stake in shares of Cadence Design Systems by 26,060.9% during the fourth quarter. International Assets Investment Management LLC now owns 278,090 shares of the software maker’s stock worth $757,430,000 after acquiring an additional 277,027 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CDNS has been the subject of several recent research reports. Piper Sandler reduced their target price on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a report on Tuesday, April 23rd. Robert W. Baird upped their price target on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. KeyCorp upped their target price on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Stifel Nicolaus lifted their price objective on Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, February 13th. Finally, Wells Fargo & Company boosted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $326.11.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $309.16, for a total value of $463,740.00. Following the sale, the director now directly owns 51,683 shares of the company’s stock, valued at approximately $15,978,316.28. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total transaction of $165,216.00. Following the sale, the senior vice president now owns 20,480 shares of the company’s stock, valued at $5,639,372.80. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $309.16, for a total transaction of $463,740.00. Following the sale, the director now owns 51,683 shares in the company, valued at $15,978,316.28. The disclosure for this sale can be found here. Insiders have sold 173,066 shares of company stock valued at $52,199,975 in the last quarter. Corporate insiders own 0.62% of the company’s stock.

Cadence Design Systems Trading Up 0.1 %

Shares of CDNS traded up $0.17 during midday trading on Tuesday, hitting $285.36. 81,219 shares of the stock were exchanged, compared to its average volume of 1,559,161. Cadence Design Systems, Inc. has a 52-week low of $198.92 and a 52-week high of $327.36. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32. The stock has a fifty day simple moving average of $301.65 and a 200 day simple moving average of $282.88. The firm has a market cap of $77.66 billion, a P/E ratio of 74.27, a P/E/G ratio of 3.32 and a beta of 1.06.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.04. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The business’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.02 earnings per share. On average, research analysts anticipate that Cadence Design Systems, Inc. will post 4.78 EPS for the current fiscal year.

Cadence Design Systems 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.