Janiczek Wealth Management LLC Acquires 149 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Janiczek Wealth Management LLC raised its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.1% during the first quarter, HoldingsChannel reports. The fund owned 1,792 shares of the software maker’s stock after purchasing an additional 149 shares during the quarter. Janiczek Wealth Management LLC’s holdings in Cadence Design Systems were worth $558,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Valley National Advisers Inc. raised its holdings in Cadence Design Systems by 90.4% during the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after acquiring an additional 47 shares during the period. Fortitude Family Office LLC bought a new stake in Cadence Design Systems during the 4th quarter valued at $28,000. Union Savings Bank bought a new position in shares of Cadence Design Systems in the fourth quarter worth $33,000. Rise Advisors LLC bought a new position in shares of Cadence Design Systems in the first quarter worth $45,000. Finally, Rakuten Securities Inc. bought a new position in shares of Cadence Design Systems in the fourth quarter worth $45,000. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Down 0.2 %

NASDAQ CDNS traded down $0.50 during trading on Thursday, hitting $308.83. 676,343 shares of the company’s stock traded hands, compared to its average volume of 1,550,191. The stock has a fifty day moving average of $293.19 and a two-hundred day moving average of $293.21. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. Cadence Design Systems, Inc. has a 12-month low of $217.77 and a 12-month high of $328.99. The firm has a market cap of $84.13 billion, a P/E ratio of 80.69, a PEG ratio of 3.81 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. During the same period in the prior year, the business posted $1.02 earnings per share. The company’s revenue was down 1.2% on a year-over-year basis. As a group, sell-side analysts expect that Cadence Design Systems, Inc. will post 4.77 EPS for the current year.

Insider Buying and Selling at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Monday, April 15th. The shares were 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 $15,498,015.89. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $186,276.00. Following the completion of the sale, the senior vice president now directly owns 21,080 shares in the company, valued at $6,544,496.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $308.83, for a total transaction of $463,245.00. Following the sale, the director now owns 50,183 shares of the company’s stock, valued at $15,498,015.89. The disclosure for this sale can be found here. Insiders sold a total of 41,134 shares of company stock worth $12,232,169 over the last three months. Company insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

CDNS has been the topic of several research analyst reports. Wells Fargo & Company upped their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. Bank of America upped their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Robert W. Baird upped their price target on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a report on Thursday, April 18th. Piper Sandler reduced their target price on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 23rd. Finally, Needham & Company LLC reissued a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research note on Friday, May 17th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $332.78.

About Cadence Design Systems

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.