Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Redhawk Wealth Advisors Inc.

Redhawk Wealth Advisors Inc. raised its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,565 shares of the software maker’s stock after acquiring an additional 509 shares during the period. Redhawk Wealth Advisors Inc.’s holdings in Cadence Design Systems were worth $3,475,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Missouri Trust & Investment Co bought a new stake in Cadence Design Systems during the third quarter valued at $27,000. MidAtlantic Capital Management Inc. acquired a new position in Cadence Design Systems during the 3rd quarter worth $28,000. Versant Capital Management Inc grew 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 buying an additional 87 shares in the last quarter. Prestige Wealth Management Group LLC raised its holdings 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 purchasing an additional 60 shares in the last quarter. Finally, Meeder Asset Management Inc. boosted its stake in Cadence Design Systems by 30.3% during the third quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock valued at $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.

Insider Buying and Selling at Cadence Design Systems

In related news, 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 sale, the chief executive officer now directly 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Paul Scannell sold 3,171 shares of the company’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $305.78, for a total transaction of $969,628.38. Following the completion of the transaction, the vice president now directly owns 14,318 shares in the company, valued at approximately $4,378,158.04. The trade was a 18.13 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 108,416 shares of company stock valued at $33,528,267. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $300.72 on Thursday. The company has a 50 day moving average of $304.32 and a 200-day moving average of $285.20. The company has a market cap of $82.48 billion, a PE ratio of 78.93, a price-to-earnings-growth ratio of 4.16 and a beta of 1.04. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99. 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 (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the previous year, the business earned $1.01 earnings per share. Cadence Design Systems’s revenue was up 18.8% compared to the same quarter last year. As a group, equities research analysts forecast that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have issued reports on CDNS shares. Berenberg Bank initiated coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price on the stock. Oppenheimer started coverage on Cadence Design Systems in a report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price on the stock. Mizuho raised their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Redburn Atlantic began coverage on Cadence Design Systems in a report on Monday. They set a “buy” rating and a $350.00 price target for the company. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $329.50.

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.