Secure Asset Management LLC Invests $283,000 in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Secure Asset Management LLC bought a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,111 shares of the software maker’s stock, valued at approximately $283,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Accredited Investors Inc. raised its holdings in Cadence Design Systems by 1.7% during the fourth quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker’s stock valued at $654,000 after acquiring an additional 36 shares during the period. Principal Street Partners LLC grew its position in Cadence Design Systems by 2.6% in the fourth quarter. Principal Street Partners LLC now owns 1,455 shares of the software maker’s stock worth $437,000 after acquiring an additional 37 shares in the last quarter. Lindbrook Capital LLC grew its position in Cadence Design Systems by 1.7% in the fourth quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker’s stock worth $670,000 after acquiring an additional 38 shares in the last quarter. Oarsman Capital Inc. boosted its position in shares of Cadence Design Systems by 3.8% during the fourth quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker’s stock valued at $313,000 after buying an additional 38 shares during the period. Finally, Empower Advisory Group LLC boosted its position in shares of Cadence Design Systems by 4.9% during the fourth quarter. Empower Advisory Group LLC now owns 875 shares of the software maker’s stock valued at $263,000 after buying an additional 41 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Anirudh Devgan sold 10,737 shares of the business’s stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the transaction, the chief executive officer now directly owns 209,548 shares in the company, valued at $64,959,880. The trade was a 4.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total value of $164,216.00. Following the completion of the transaction, the vice president now owns 108,799 shares of the company’s stock, valued at $27,486,979.36. The trade was a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,445 shares of company stock worth $5,615,733. Insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on CDNS shares. Robert W. Baird boosted their target price on Cadence Design Systems from $293.00 to $325.00 and gave the company an “outperform” rating in a research report on Tuesday, April 29th. KeyCorp boosted their price objective on shares of Cadence Design Systems from $355.00 to $375.00 and gave the stock an “overweight” rating in a research note on Thursday, May 15th. Rosenblatt Securities increased their price objective on Cadence Design Systems from $295.00 to $300.00 and gave the company a “neutral” rating in a report on Tuesday, April 29th. Needham & Company LLC reiterated a “buy” rating and set a $325.00 price objective on shares of Cadence Design Systems in a report on Tuesday, May 13th. Finally, Oppenheimer reduced their target price on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research note on Wednesday, March 19th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $325.23.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $294.40 on Thursday. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $328.99. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The firm has a market capitalization of $80.38 billion, a P/E ratio of 76.27, a PEG ratio of 3.88 and a beta of 1.04. The stock has a 50-day simple moving average of $284.78 and a two-hundred day simple moving average of $287.52.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the previous year, the firm posted $1.17 EPS. Cadence Design Systems’s revenue was up 23.1% compared to the same quarter last year. On average, equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current 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.