EverSource Wealth Advisors LLC Acquires 162 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

EverSource Wealth Advisors LLC grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 13.7% in the 4th quarter, HoldingsChannel reports. The firm owned 1,348 shares of the software maker’s stock after buying an additional 162 shares during the quarter. EverSource Wealth Advisors LLC’s holdings in Cadence Design Systems were worth $405,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of CDNS. Sequoia Financial Advisors LLC raised its stake in Cadence Design Systems by 40.6% in the fourth quarter. Sequoia Financial Advisors LLC now owns 4,976 shares of the software maker’s stock worth $1,495,000 after buying an additional 1,438 shares in the last quarter. HighTower Advisors LLC lifted its stake in shares of Cadence Design Systems by 23.3% during the 4th quarter. HighTower Advisors LLC now owns 51,673 shares of the software maker’s stock worth $15,526,000 after purchasing an additional 9,757 shares during the last quarter. Donaldson Capital Management LLC boosted its position in Cadence Design Systems by 1.6% during the fourth quarter. Donaldson Capital Management LLC now owns 14,104 shares of the software maker’s stock valued at $4,238,000 after purchasing an additional 218 shares in the last quarter. Miller Financial Services LLC purchased a new position in Cadence Design Systems in the fourth quarter valued at about $696,000. Finally, King Luther Capital Management Corp lifted its position in shares of Cadence Design Systems by 10.6% during the fourth quarter. King Luther Capital Management Corp now owns 143,498 shares of the software maker’s stock valued at $43,115,000 after buying an additional 13,731 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Activity

In other Cadence Design Systems news, CFO John M. Wall sold 4,224 shares of Cadence Design Systems stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total value of $1,305,342.72. Following the sale, the chief financial officer now owns 29,248 shares in the company, valued at $9,038,509.44. The trade was a 12.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total value of $198,146.00. Following the transaction, the vice president now owns 59,311 shares of the company’s stock, valued at approximately $18,080,365.24. This represents a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 105,245 shares of company stock valued at $32,534,498 in the last 90 days. Company insiders own 0.62% of the company’s stock.

Cadence Design Systems Stock Up 2.4 %

Shares of NASDAQ:CDNS opened at $247.43 on Friday. Cadence Design Systems, Inc. has a 52-week low of $230.09 and a 52-week high of $328.99. The stock has a market cap of $67.82 billion, a P/E ratio of 64.10, a PEG ratio of 3.88 and a beta of 1.05. The business has a fifty day moving average of $282.52 and a two-hundred day moving average of $284.12. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. On average, research analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CDNS has been the subject of a number of analyst reports. Loop Capital decreased their target price 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. Wells Fargo & Company initiated coverage on Cadence Design Systems in a research note on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target on the stock. Bank of America decreased their price objective on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Piper Sandler raised their target price on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Finally, StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus target price of $326.92.

About Cadence Design Systems

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.