Empirical Financial Services LLC d.b.a. Empirical Wealth Management Raises Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 28.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,009 shares of the software maker’s stock after purchasing an additional 224 shares during the quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management’s holdings in Cadence Design Systems were worth $303,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Missouri Trust & Investment Co acquired a new position in shares of Cadence Design Systems in the third quarter worth $27,000. MidAtlantic Capital Management Inc. purchased a new stake in Cadence Design Systems during the 3rd quarter worth about $28,000. Versant Capital Management Inc raised its position in Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after purchasing an additional 87 shares in the last quarter. Prestige Wealth Management Group LLC boosted its stake in shares of Cadence Design Systems by 56.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after buying an additional 60 shares during the period. Finally, Meeder Asset Management Inc. grew its position in shares of Cadence Design Systems by 30.3% during the third quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock worth $55,000 after buying an additional 47 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems 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 owns 55,874 shares of the company’s stock, valued at $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Paul Scannell sold 3,171 shares of the stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $305.78, for a total transaction of $969,628.38. Following the transaction, the vice president now directly owns 14,318 shares of the company’s stock, valued at $4,378,158.04. This represents a 18.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 107,766 shares of company stock valued at $33,348,867. 1.99% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

CDNS has been the subject of a number of recent research reports. Loop Capital initiated coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 price target for the company. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Redburn Atlantic assumed coverage on Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 target price on the stock. Wells Fargo & Company assumed coverage on Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target for the company. Finally, Berenberg Bank began coverage on Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $329.50.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $297.76 on Friday. The firm’s fifty day simple moving average is $305.76 and its 200-day simple moving average is $284.65. 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 capitalization of $81.66 billion, a price-to-earnings ratio of 78.15, a PEG ratio of 3.70 and a beta of 1.04. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27.

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