HighPoint Advisor Group LLC Purchases 156 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

HighPoint Advisor Group LLC lifted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,368 shares of the software maker’s stock after acquiring an additional 156 shares during the quarter. HighPoint Advisor Group LLC’s holdings in Cadence Design Systems were worth $1,327,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC purchased a new stake in shares of Cadence Design Systems in the 4th quarter worth approximately $28,000. Avalon Trust Co bought a new position in Cadence Design Systems in the fourth quarter worth approximately $39,000. Versant Capital Management Inc lifted its holdings in Cadence Design Systems by 164.2% during the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after buying an additional 87 shares during the period. OFI Invest Asset Management bought a new stake in Cadence Design Systems during the 4th quarter valued at $46,000. Finally, Prestige Wealth Management Group LLC increased its holdings 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 acquiring an additional 60 shares during the period. 84.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction 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. This trade represents a 62.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total transaction of $198,146.00. Following the completion of the transaction, the vice president now owns 59,311 shares of the company’s stock, valued at approximately $18,080,365.24. This represents a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 101,021 shares of company stock worth $31,229,155. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $254.33 on Tuesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The stock has a 50-day moving average of $273.52 and a two-hundred day moving average of $284.41. The stock has a market cap of $69.77 billion, a P/E ratio of 65.89, a P/E/G ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a one year low of $230.09 and a one year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data 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 during the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. As a group, research analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analyst Ratings Changes

A number of brokerages recently weighed in on CDNS. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Mizuho lifted 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. Oppenheimer decreased their target price on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research report on Wednesday, March 19th. Loop Capital cut their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Finally, Rosenblatt Securities raised their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $324.83.

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.