Kestra Investment Management LLC Invests $100,000 in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Kestra Investment Management LLC acquired a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 332 shares of the software maker’s stock, valued at approximately $100,000.

Several other institutional investors have also modified their holdings of CDNS. Swedbank AB raised its position in Cadence Design Systems by 15.1% in the 3rd quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock valued at $475,336,000 after purchasing an additional 230,672 shares during the last quarter. Leo Wealth LLC raised its position in Cadence Design Systems by 6.6% in the 3rd quarter. Leo Wealth LLC now owns 780 shares of the software maker’s stock valued at $211,000 after purchasing an additional 48 shares during the last quarter. Private Advisor Group LLC raised its position in Cadence Design Systems by 31.2% in the 3rd quarter. Private Advisor Group LLC now owns 10,332 shares of the software maker’s stock valued at $2,800,000 after purchasing an additional 2,457 shares during the last quarter. Commerzbank Aktiengesellschaft FI raised its position in Cadence Design Systems by 37.0% in the 3rd quarter. Commerzbank Aktiengesellschaft FI now owns 2,504 shares of the software maker’s stock valued at $679,000 after purchasing an additional 676 shares during the last quarter. Finally, Greenleaf Trust raised its position in Cadence Design Systems by 8.0% in the 3rd quarter. Greenleaf Trust now owns 6,012 shares of the software maker’s stock valued at $1,629,000 after purchasing an additional 445 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Wells Fargo & Company began coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target for the company. Redburn Atlantic began coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 price objective for the company. Mizuho upped their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Loop Capital cut their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Robert W. Baird cut their price objective on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $326.92.

Insider Activity at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total value 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 approximately $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 this hyperlink. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $306.19, for a total transaction of $199,023.50. Following the completion of the sale, the vice president now directly owns 60,461 shares in the company, valued at approximately $18,512,553.59. The trade was a 1.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 108,416 shares of company stock valued at $33,538,875. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $270.39 on Friday. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. The stock has a market cap of $74.16 billion, a PE ratio of 70.05, a price-to-earnings-growth ratio of 3.48 and a beta of 1.03. The firm’s fifty day simple moving average is $302.27 and its 200-day simple moving average is $287.07.

Cadence Design Systems (NASDAQ:CDNS) last posted 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 company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a return on equity of 30.20% and a net margin of 22.74%. Analysts expect that Cadence Design Systems, Inc. will post 5.57 earnings per share for the current fiscal year.

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.