Westside Investment Management Inc. Takes Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Westside Investment Management Inc. bought a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 400 shares of the software maker’s stock, valued at approximately $125,000.

Several other hedge funds and other institutional investors have also made changes to their positions in CDNS. Valley National Advisers Inc. boosted its holdings in 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 buying an additional 47 shares in the last quarter. Fortitude Family Office LLC purchased a new stake in Cadence Design Systems during the fourth quarter worth about $28,000. Annapolis Financial Services LLC purchased a new stake in Cadence Design Systems during the first quarter worth about $32,000. Union Savings Bank purchased a new stake in Cadence Design Systems during the fourth quarter worth about $33,000. Finally, Rise Advisors LLC purchased a new stake in Cadence Design Systems during the first quarter worth about $45,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the transaction, the vice president now owns 95,408 shares of the company’s stock, valued at $29,179,582.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the 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 transaction, the vice president now owns 67,144 shares of the company’s stock, valued at $18,488,771.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Chin-Chi Teng sold 10,000 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the completion of the transaction, the vice president now directly owns 95,408 shares in the company, valued at approximately $29,179,582.72. The disclosure for this sale can be found here. Insiders have sold a total of 50,134 shares of company stock valued at $14,978,483 over the last quarter. Company insiders own 0.62% of the company’s stock.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $315.47 on Thursday. The firm has a 50 day simple moving average of $295.72 and a 200-day simple moving average of $294.56. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. The firm has a market cap of $85.94 billion, a PE ratio of 82.15, a P/E/G ratio of 3.88 and a beta of 1.03. Cadence Design Systems, Inc. has a 1-year low of $217.77 and a 1-year high of $328.99.

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

Wall Street Analysts Forecast Growth

CDNS has been the topic of several recent research reports. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Monday, April 22nd. Wells Fargo & Company upped their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Friday, May 17th. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Finally, KeyCorp upped their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $334.89.

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.