RWA Wealth Partners LLC Acquires Shares of 2,013 Cadence Design Systems, Inc. (NASDAQ:CDNS)

RWA Wealth Partners LLC bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 2,013 shares of the software maker’s stock, valued at approximately $548,000.

Other large investors also recently modified their holdings of the company. Nordea Investment Management AB raised its position in Cadence Design Systems by 124.8% during the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after purchasing an additional 1,052,228 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Cadence Design Systems by 143.3% during the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after acquiring an additional 962,987 shares in the last quarter. Jennison Associates LLC lifted its stake in Cadence Design Systems by 8.7% in the third quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock worth $1,651,166,000 after acquiring an additional 564,085 shares during the period. Assenagon Asset Management S.A. boosted its holdings in Cadence Design Systems by 261.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock valued at $169,022,000 after acquiring an additional 448,918 shares in the last quarter. Finally, International Assets Investment Management LLC increased its position in Cadence Design Systems by 26,060.9% during the 4th quarter. International Assets Investment Management LLC now owns 278,090 shares of the software maker’s stock valued at $757,430,000 after purchasing an additional 277,027 shares during the period. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $277.08 on Friday. The stock’s fifty day moving average is $304.01 and its 200 day moving average is $280.94. Cadence Design Systems, Inc. has a one year low of $198.92 and a one year high of $327.36. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.13 and a current ratio of 1.32. The stock has a market cap of $75.43 billion, a P/E ratio of 72.16, a P/E/G ratio of 3.26 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. The business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The business’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.02 earnings per share. Sell-side analysts anticipate that Cadence Design Systems, Inc. will post 4.79 earnings per share for the current year.

Insider Buying and Selling

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $308.83, for a total transaction of $463,245.00. Following the completion of the sale, the director now directly owns 50,183 shares in the company, valued at approximately $15,498,015.89. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $308.83, for a total value of $463,245.00. Following the completion of the transaction, the director now directly owns 50,183 shares in the company, valued at $15,498,015.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the transaction, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. Insiders have sold a total of 173,044 shares of company stock valued at $52,231,207 over the last ninety days. Company insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Robert W. Baird raised their target price on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $260.00 to $350.00 in a report on Wednesday, February 14th. StockNews.com raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Wednesday. KeyCorp increased their price objective on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Finally, Wells Fargo & Company raised their price target on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus price target of $316.50.

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.