Lebenthal Global Advisors LLC Takes $245,000 Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Lebenthal Global Advisors LLC acquired a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 899 shares of the software maker’s stock, valued at approximately $245,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. OFI Invest Asset Management acquired a new stake in shares of Cadence Design Systems in the third quarter worth approximately $26,000. Valley National Advisers Inc. boosted its stake in shares of Cadence Design Systems by 90.4% in the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after acquiring an additional 47 shares during the last quarter. Fortitude Family Office LLC acquired a new stake in shares of Cadence Design Systems in the fourth quarter worth approximately $28,000. Rakuten Securities Inc. acquired a new stake in shares of Cadence Design Systems in the fourth quarter worth approximately $45,000. Finally, Catalyst Capital Advisors LLC boosted its stake in shares of Cadence Design Systems by 34.7% in the third quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker’s stock worth $47,000 after acquiring an additional 52 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $287.48 on Friday. The company has a market cap of $78.23 billion, a price-to-earnings ratio of 74.86, a price-to-earnings-growth ratio of 3.38 and a beta of 1.06. The stock has a 50 day simple moving average of $300.03 and a 200-day simple moving average of $283.54. Cadence Design Systems, Inc. has a 12-month low of $198.92 and a 12-month high of $327.36. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The company’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.02 EPS. On average, equities analysts forecast that Cadence Design Systems, Inc. will post 4.78 EPS for the current year.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the sale, the vice president now owns 156,156 shares in the company, valued at $46,375,208.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director James D. Plummer sold 2,412 shares of Cadence Design Systems stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $315.40, for a total value of $760,744.80. Following the transaction, the director now owns 22,923 shares in the company, valued at $7,229,914.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the transaction, the vice president now owns 156,156 shares in the company, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 173,066 shares of company stock worth $52,199,975. 1.99% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on CDNS shares. Piper Sandler lowered their price objective on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 23rd. Needham & Company LLC reissued a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research note on Friday, April 19th. Wells Fargo & Company boosted their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th. KeyCorp boosted their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Finally, Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $260.00 to $350.00 in a research note on Wednesday, February 14th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $326.11.

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.