Elite Wealth Management Inc. Sells 572 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Elite Wealth Management Inc. decreased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,429 shares of the software maker’s stock after selling 572 shares during the period. Cadence Design Systems comprises about 0.2% of Elite Wealth Management Inc.’s investment portfolio, making the stock its 20th biggest position. Elite Wealth Management Inc.’s holdings in Cadence Design Systems were worth $2,841,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. OFI Invest Asset Management purchased a new stake in shares of Cadence Design Systems in the 3rd quarter valued at $26,000. Valley National Advisers Inc. boosted its stake in shares of Cadence Design Systems by 90.4% in the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after purchasing an additional 47 shares in the last quarter. Fortitude Family Office LLC purchased a new stake in shares of Cadence Design Systems in the 4th quarter valued at $28,000. Atlas Capital Advisors LLC boosted its stake in shares of Cadence Design Systems by 322.6% in the 2nd quarter. Atlas Capital Advisors LLC now owns 131 shares of the software maker’s stock valued at $31,000 after purchasing an additional 100 shares in the last quarter. Finally, Zions Bancorporation N.A. boosted its stake in shares of Cadence Design Systems by 108.3% in the 1st quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock valued at $37,000 after purchasing an additional 117 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CDNS. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, March 6th. Wells Fargo & Company increased their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday. Piper Sandler started coverage on shares of Cadence Design Systems in a research report on Thursday, April 4th. They set a “neutral” rating and a $334.00 price target for the company. Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. Finally, Robert W. Baird increased their price target on shares of Cadence Design Systems from $289.00 to $302.00 and gave the company an “outperform” rating in a research report on Tuesday, February 13th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $316.10.

Cadence Design Systems Trading Down 1.7 %

Shares of NASDAQ:CDNS traded down $5.03 on Wednesday, hitting $295.78. The company had a trading volume of 406,283 shares, compared to its average volume of 1,465,598. The firm’s 50-day simple moving average is $306.73 and its two-hundred day simple moving average is $279.25. Cadence Design Systems, Inc. has a 1 year low of $194.01 and a 1 year high of $327.36. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $80.52 billion, a price-to-earnings ratio of 78.75, a P/E/G ratio of 3.66 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, February 12th. The software maker reported $1.38 EPS for the quarter, topping the consensus estimate of $1.33 by $0.05. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The firm had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same period last year, the company posted $0.75 EPS. The company’s quarterly revenue was up 18.8% compared to the same quarter last year. Equities analysts anticipate that Cadence Design Systems, Inc. will post 4.82 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO John M. Wall sold 36,000 shares of the stock in a transaction dated Thursday, January 18th. The shares were sold at an average price of $277.46, for a total value of $9,988,560.00. Following the completion of the transaction, the chief financial officer now directly owns 80,594 shares in the company, valued at approximately $22,361,611.24. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Cadence Design Systems news, VP Aneel Zaman sold 1,207 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $366,807.30. Following the completion of the sale, the vice president now directly owns 61,150 shares in the company, valued at approximately $18,583,485. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO John M. Wall sold 36,000 shares of the firm’s stock in a transaction dated Thursday, January 18th. The shares were sold at an average price of $277.46, for a total transaction of $9,988,560.00. Following the sale, the chief financial officer now owns 80,594 shares of the company’s stock, valued at $22,361,611.24. The disclosure for this sale can be found here. Insiders sold a total of 212,044 shares of company stock worth $63,106,522 in the last three months. 0.62% of the stock is owned by corporate insiders.

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.