Walter Public Investments Inc. Has $20.07 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Walter Public Investments Inc. lifted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 20.7% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 66,798 shares of the software maker’s stock after buying an additional 11,435 shares during the quarter. Cadence Design Systems comprises approximately 3.6% of Walter Public Investments Inc.’s investment portfolio, making the stock its 11th largest holding. Walter Public Investments Inc.’s holdings in Cadence Design Systems were worth $20,070,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Golden State Wealth Management LLC acquired a new stake in shares of Cadence Design Systems during the 4th quarter worth approximately $28,000. Missouri Trust & Investment Co acquired a new stake in shares of Cadence Design Systems during the 3rd quarter worth approximately $27,000. MidAtlantic Capital Management Inc. acquired a new stake in shares of Cadence Design Systems during the 3rd quarter worth approximately $28,000. Versant Capital Management Inc grew its position in shares of Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after buying an additional 87 shares during the period. Finally, Prestige Wealth Management Group LLC grew its position in Cadence Design Systems by 56.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after purchasing an additional 60 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $292.32, for a total value of $190,008.00. Following the sale, the vice president now directly owns 58,773 shares in the company, valued at approximately $17,180,523.36. The trade was a 1.09 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the sale, the chief executive officer now owns 55,874 shares in the company, valued at $17,320,940. This represents a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock worth $33,538,875 in the last ninety days. Company insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on CDNS shares. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target for the company. Needham & Company LLC reissued a “buy” rating and issued a $325.00 price target on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Piper Sandler lifted their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Loop Capital reduced their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Finally, Robert W. Baird reduced their price target on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research report on Thursday, February 20th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus price target of $326.92.

Cadence Design Systems Trading Up 2.2 %

NASDAQ CDNS opened at $254.38 on Thursday. The stock has a market capitalization of $69.73 billion, a price-to-earnings ratio of 65.90, a PEG ratio of 3.88 and a beta of 1.03. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The business’s fifty day moving average is $297.15 and its 200-day moving average is $286.99.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. Equities research analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current 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.