Moss Adams Wealth Advisors LLC Acquires New Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Moss Adams Wealth Advisors LLC bought a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 844 shares of the software maker’s stock, valued at approximately $254,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Dudley Capital Management LLC boosted its stake in Cadence Design Systems by 4.3% during the 3rd quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock valued at $257,000 after purchasing an additional 39 shares during the last quarter. Trust Point Inc. lifted its holdings in shares of Cadence Design Systems by 2.9% during the third quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock valued at $379,000 after purchasing an additional 40 shares in the last quarter. Falcon Wealth Planning boosted its position in shares of Cadence Design Systems by 5.1% during the third quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock valued at $222,000 after buying an additional 40 shares during the last quarter. Fifth Third Wealth Advisors LLC increased its holdings in Cadence Design Systems by 0.7% in the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock worth $1,501,000 after buying an additional 40 shares in the last quarter. Finally, Venture Visionary Partners LLC raised its position in Cadence Design Systems by 2.5% in the 3rd quarter. Venture Visionary Partners LLC now owns 1,709 shares of the software maker’s stock worth $463,000 after buying an additional 41 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Insider Activity

In related news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $276.00, for a total transaction of $179,400.00. Following the completion of the transaction, the vice president now directly 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 legal filing with the SEC, which is accessible through this link. Also, CEO Anirudh Devgan sold 5,920 shares of the business’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the completion of the sale, the chief executive officer now owns 55,874 shares in the company, valued at approximately $16,987,930.96. The trade was a 9.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock worth $33,528,267 over the last ninety days. Corporate insiders own 0.62% of the company’s stock.

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $305.60 on Friday. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The stock has a market cap of $83.81 billion, a price-to-earnings ratio of 80.21, a PEG ratio of 3.44 and a beta of 1.04. The company’s 50 day moving average is $304.43 and its two-hundred day moving average is $285.15.

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

Analyst Ratings Changes

A number of brokerages have recently issued reports on CDNS. Oppenheimer assumed coverage on shares of Cadence Design Systems in a report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target on the stock. Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price for the company. Redburn Atlantic began coverage on Cadence Design Systems in a report on Monday, January 13th. They set a “buy” rating and a $350.00 price target on the stock. Berenberg Bank began coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective for the company. Finally, Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average target price of $329.50.

About Cadence Design Systems

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.