Welch & Forbes LLC Takes $204,000 Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Welch & Forbes LLC bought a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the fourth quarter, according to its most recent filing with the SEC. The firm bought 678 shares of the software maker’s stock, valued at approximately $204,000.

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

Insiders Place Their Bets

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of the firm’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 value of $28,876,810.00. Following the completion of the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO John M. Wall sold 4,224 shares of the stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $309.03, for a total value of $1,305,342.72. Following the completion of the sale, the chief financial officer now directly owns 29,248 shares of the company’s stock, valued at approximately $9,038,509.44. The trade was a 12.62 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 108,416 shares of company stock worth $33,504,126. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $243.21 on Friday. Cadence Design Systems, Inc. has a 1-year low of $233.72 and a 1-year high of $328.99. The company has a 50 day moving average of $288.68 and a 200-day moving average of $285.44. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The firm has a market cap of $66.67 billion, a price-to-earnings ratio of 63.01, a PEG ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. On average, equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CDNS has been the subject of several recent research reports. Piper Sandler upped their price target on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Loop Capital cut their target price on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Mizuho lifted their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Rosenblatt Securities increased their price objective on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Finally, StockNews.com lowered 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 given a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus 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.