Ashton Thomas Private Wealth LLC Raises Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Ashton Thomas Private Wealth LLC increased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.0% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,276 shares of the software maker’s stock after purchasing an additional 204 shares during the period. Ashton Thomas Private Wealth LLC’s holdings in Cadence Design Systems were worth $3,199,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Valley National Advisers Inc. increased its position 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 worth $26,000 after purchasing an additional 47 shares during the period. Fortitude Family Office LLC purchased a new position in Cadence Design Systems in the fourth quarter worth $28,000. Annapolis Financial Services LLC acquired a new stake in Cadence Design Systems in the first quarter valued at $32,000. Union Savings Bank purchased a new stake in shares of Cadence Design Systems during the 4th quarter worth $33,000. Finally, Rise Advisors LLC acquired a new position in shares of Cadence Design Systems during the 1st quarter worth $45,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

CDNS has been the topic of a number of research analyst reports. 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. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. KeyCorp boosted their price objective on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Needham & Company LLC restated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a report on Friday, May 17th. Finally, Wells Fargo & Company lifted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $334.89.

Insider Buying and Selling at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction that occurred on 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 transaction, the director now owns 50,183 shares of the company’s stock, valued at $15,498,015.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s 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 completion of the sale, the director now owns 50,183 shares in the company, valued at approximately $15,498,015.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 1,000 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $275,360.00. Following the sale, the vice president now directly owns 67,144 shares of the company’s stock, valued at approximately $18,488,771.84. The disclosure for this sale can be found here. Insiders sold 50,134 shares of company stock worth $14,978,483 in the last 90 days. 0.62% of the stock is owned by company insiders.

Cadence Design Systems Trading Up 1.2 %

Shares of CDNS traded up $3.69 on Friday, hitting $319.16. 225,695 shares of the stock traded hands, compared to its average volume of 1,541,394. The firm has a market capitalization of $86.95 billion, a P/E ratio of 82.15, a P/E/G ratio of 3.86 and a beta of 1.03. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. Cadence Design Systems, Inc. has a 1 year low of $217.77 and a 1 year high of $328.99. The stock’s 50 day moving average is $297.24 and its two-hundred day moving average is $294.85.

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

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.