Spahn Wealth & Retirement LLC Takes $2.98 Million Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Spahn Wealth & Retirement LLC bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 9,904 shares of the software maker’s stock, valued at approximately $2,976,000. Cadence Design Systems comprises 2.0% of Spahn Wealth & Retirement LLC’s investment portfolio, making the stock its 20th biggest holding.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CDNS. Golden State Wealth Management LLC purchased a new stake in shares of Cadence Design Systems during the 4th quarter worth approximately $28,000. Avalon Trust Co acquired a new stake in Cadence Design Systems during the 4th quarter worth $39,000. Versant Capital Management Inc lifted its position in Cadence Design Systems by 164.2% in the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after acquiring an additional 87 shares during the last quarter. Prestige Wealth Management Group LLC grew its holdings in shares of Cadence Design Systems by 56.6% during the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after purchasing an additional 60 shares during the last quarter. Finally, OFI Invest Asset Management acquired a new stake in shares of Cadence Design Systems during the fourth quarter worth about $46,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the transaction, the vice president now owns 58,123 shares of the company’s stock, valued at approximately $14,689,425.79. This represents a 1.11 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 94,451 shares of company stock worth $29,231,093. 1.99% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CDNS. Piper Sandler raised their price target on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Oppenheimer lowered their target price on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research report on Wednesday, March 19th. 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. Loop Capital lowered their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. Finally, StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a 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’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $324.83.

Cadence Design Systems Stock Up 2.4 %

CDNS opened at $264.94 on Thursday. The business has a 50 day simple moving average of $271.35 and a 200-day simple moving average of $284.21. Cadence Design Systems, Inc. has a 12 month low of $230.09 and a 12 month high of $328.99. The stock has a market capitalization of $72.68 billion, a P/E ratio of 68.64, a P/E/G ratio of 3.88 and a beta of 1.05. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate of $1.82 by ($0.33). The company had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. On average, equities analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal 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.