Axxcess Wealth Management LLC Raises Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Axxcess Wealth Management LLC boosted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 18.0% during the 1st quarter, HoldingsChannel.com reports. The firm owned 10,597 shares of the software maker’s stock after purchasing an additional 1,618 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Cadence Design Systems were worth $3,299,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of CDNS. Ulland Investment Advisors LLC bought a new position in shares of Cadence Design Systems in the 1st quarter worth $25,000. Valley National Advisers Inc. increased its stake in Cadence Design Systems by 90.4% in the fourth 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 last quarter. RiverPark Advisors LLC purchased a new stake in Cadence Design Systems during the first quarter valued at about $26,000. Annapolis Financial Services LLC purchased a new stake in Cadence Design Systems during the first quarter valued at about $32,000. Finally, Union Savings Bank bought a new stake in Cadence Design Systems during the fourth quarter worth about $33,000. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Trading Up 0.2 %

CDNS traded up $0.41 during trading on Friday, hitting $258.79. 2,604,703 shares of the stock traded hands, compared to its average volume of 1,623,820. The firm has a 50-day moving average of $301.72 and a 200 day moving average of $297.83. 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 capitalization of $70.50 billion, a P/E ratio of 67.29, a price-to-earnings-growth ratio of 3.21 and a beta of 1.03. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.19.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The company had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same period in the prior year, the business posted $0.94 earnings per share. Cadence Design Systems’s revenue for the quarter was up 8.6% on a year-over-year basis. Equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.73 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. KeyCorp increased their price objective on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Bank of America boosted their price objective 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. Piper Sandler reaffirmed a “neutral” rating and set a $318.00 target price on shares of Cadence Design Systems in a report on Wednesday, July 10th. Finally, Robert W. Baird lowered their price target on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research note on Tuesday. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $334.56.

Insider Activity

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $314.57, for a total transaction of $471,855.00. Following the transaction, the director now directly owns 46,551 shares of the company’s stock, valued at approximately $14,643,548.07. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, VP Chin-Chi Teng sold 32,184 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $297.45, for a total value of $9,573,130.80. Following the completion of the transaction, the vice president now owns 95,408 shares in the company, valued at approximately $28,379,109.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $314.57, for a total value of $471,855.00. Following the sale, the director now owns 46,551 shares in the company, valued at $14,643,548.07. The disclosure for this sale can be found here. Over the last three months, insiders have sold 50,134 shares of company stock valued at $14,987,093. Company insiders own 1.99% of the company’s stock.

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.