Montag A & Associates Inc. Has $1.36 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Montag A & Associates Inc. raised its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 20.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,984 shares of the software maker’s stock after buying an additional 833 shares during the period. Montag A & Associates Inc.’s holdings in Cadence Design Systems were worth $1,357,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. OFI Invest Asset Management acquired a new position in shares of Cadence Design Systems during the third quarter worth $26,000. Valley National Advisers Inc. lifted its holdings in shares of Cadence Design Systems by 90.4% during the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after purchasing an additional 47 shares during the period. Fortitude Family Office LLC acquired a new position in shares of Cadence Design Systems during the fourth quarter worth $28,000. Rakuten Securities Inc. acquired a new position in shares of Cadence Design Systems during the fourth quarter worth $45,000. Finally, Catalyst Capital Advisors LLC lifted its holdings in shares of Cadence Design Systems by 34.7% during the third quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker’s stock worth $47,000 after purchasing an additional 52 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analysts Set New Price Targets

CDNS has been the topic of a number of recent research reports. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a report on Friday, April 19th. Stifel Nicolaus boosted their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, February 13th. KeyCorp boosted their target price on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Robert W. Baird boosted their target price on shares of Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a report on Thursday, April 18th. Finally, Piper Sandler dropped their target price on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a report on Tuesday, April 23rd. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $326.11.

Insiders Place Their Bets

In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $310.46, for a total value of $186,276.00. Following the completion of the sale, the senior vice president now directly owns 21,080 shares of the company’s stock, valued at approximately $6,544,496.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total transaction of $275,360.00. Following the sale, the vice president now owns 67,144 shares of the company’s stock, valued at approximately $18,488,771.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $186,276.00. Following the sale, the senior vice president now directly owns 21,080 shares in the company, valued at approximately $6,544,496.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 173,066 shares of company stock valued at $52,199,975. Corporate insiders own 0.62% of the company’s stock.

Cadence Design Systems Stock Up 1.0 %

CDNS traded up $2.71 during midday trading on Thursday, hitting $285.28. The company had a trading volume of 1,001,204 shares, compared to its average volume of 1,560,060. Cadence Design Systems, Inc. has a 52 week low of $198.92 and a 52 week high of $327.36. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $77.63 billion, a price-to-earnings ratio of 74.29, a PEG ratio of 3.32 and a beta of 1.06. The stock’s 50 day moving average price is $300.59 and its 200 day moving average price is $283.21.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.04. The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The business’s revenue was down 1.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.02 earnings per share. On average, research analysts anticipate that Cadence Design Systems, Inc. will post 4.78 earnings per share for the current fiscal year.

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.