Empirical Financial Services LLC d.b.a. Empirical Wealth Management Purchases New Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 787 shares of the software maker’s stock, valued at approximately $214,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Chicago Partners Investment Group LLC boosted its position in Cadence Design Systems by 8.1% in the third quarter. Chicago Partners Investment Group LLC now owns 979 shares of the software maker’s stock worth $235,000 after purchasing an additional 73 shares during the last quarter. Graypoint LLC increased its position in Cadence Design Systems by 16.6% in the third quarter. Graypoint LLC now owns 1,571 shares of the software maker’s stock worth $368,000 after buying an additional 224 shares during the last quarter. Whittier Trust Co. raised its stake in shares of Cadence Design Systems by 3.0% in the third quarter. Whittier Trust Co. now owns 10,120 shares of the software maker’s stock valued at $2,371,000 after buying an additional 293 shares during the period. TIAA Trust National Association purchased a new position in shares of Cadence Design Systems during the 3rd quarter valued at $551,000. Finally, Dubuque Bank & Trust Co bought a new position in shares of Cadence Design Systems during the 3rd quarter worth $210,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analyst Ratings Changes

CDNS has been the topic of a number of recent research reports. Needham & Company LLC restated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research note on Friday, April 19th. Morgan Stanley upgraded Cadence Design Systems from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $260.00 to $350.00 in a research report on Wednesday, February 14th. Robert W. Baird lifted their price target on Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research report on Thursday, April 18th. Stifel Nicolaus increased their price objective on Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday, February 13th. Finally, Wells Fargo & Company lifted their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $326.11.

Cadence Design Systems Stock Up 1.0 %

CDNS stock opened at $285.28 on Friday. The company’s 50 day moving average is $300.59 and its 200 day moving average is $283.21. The stock has a market cap of $77.63 billion, a price-to-earnings ratio of 74.29, a price-to-earnings-growth ratio of 3.32 and a beta of 1.06. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. Cadence Design Systems, Inc. has a 1-year low of $198.92 and a 1-year high of $327.36.

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

Insider Activity

In other news, CEO Anirudh Devgan sold 1,454 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $441,870.60. Following the completion of the sale, the chief executive officer now directly owns 136,455 shares in the company, valued at approximately $41,468,674.50. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the sale, the vice president now owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Anirudh Devgan sold 1,454 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $441,870.60. Following the completion of the transaction, the chief executive officer now owns 136,455 shares in the company, valued at approximately $41,468,674.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 173,066 shares of company stock worth $52,199,975. 0.62% of the stock is currently owned by insiders.

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.