Alta Wealth Advisors LLC Acquires Shares of 2,569 Cadence Design Systems, Inc. $CDNS

Alta Wealth Advisors LLC purchased a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 2,569 shares of the software maker’s stock, valued at approximately $902,000.

A number of other large investors have also added to or reduced their stakes in the stock. Pacer Advisors Inc. grew its position in Cadence Design Systems by 83.3% during the 3rd quarter. Pacer Advisors Inc. now owns 182,348 shares of the software maker’s stock worth $64,052,000 after acquiring an additional 82,856 shares during the last quarter. Patton Fund Management Inc. boosted its stake in shares of Cadence Design Systems by 1,743.7% during the third quarter. Patton Fund Management Inc. now owns 13,994 shares of the software maker’s stock valued at $4,916,000 after purchasing an additional 13,235 shares in the last quarter. Stanley Laman Group Ltd. acquired a new position in shares of Cadence Design Systems in the third quarter valued at approximately $6,177,000. Westerkirk Capital Inc. acquired a new position in shares of Cadence Design Systems in the second quarter valued at approximately $2,024,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Cadence Design Systems by 10.9% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 142,994 shares of the software maker’s stock valued at $44,064,000 after buying an additional 14,022 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on CDNS shares. Oppenheimer raised shares of Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 target price on the stock in a report on Monday, December 1st. Robert W. Baird boosted their price objective on shares of Cadence Design Systems from $390.00 to $418.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 28th. Citigroup began coverage on Cadence Design Systems in a research report on Monday, November 24th. They set a “buy” rating and a $385.00 target price for the company. KeyCorp reaffirmed an “overweight” rating and set a $405.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 28th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $390.00 price target on shares of Cadence Design Systems in a research note on Monday, December 22nd. Thirteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and an average target price of $379.59.

Insider Activity

In other news, CFO John M. Wall sold 27,805 shares of the business’s stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $318.57, for a total value of $8,857,838.85. Following the transaction, the chief financial officer owned 69,957 shares in the company, valued at $22,286,201.49. The trade was a 28.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ita M. Brennan sold 180 shares of the stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $337.48, for a total transaction of $60,746.40. Following the transaction, the director owned 7,650 shares of the company’s stock, valued at approximately $2,581,722. The trade was a 2.30% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 62,025 shares of company stock worth $20,369,946. Corporate insiders own 0.37% of the company’s stock.

Cadence Design Systems Stock Up 1.2%

CDNS stock opened at $322.02 on Tuesday. The stock’s 50 day simple moving average is $317.39 and its 200 day simple moving average is $333.38. The company has a market cap of $87.65 billion, a P/E ratio of 83.00, a price-to-earnings-growth ratio of 3.55 and a beta of 1.02. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.84 and a current ratio of 3.05. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $376.45.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 27th. The software maker reported $1.93 earnings per share for the quarter, beating analysts’ consensus estimates of $1.79 by $0.14. Cadence Design Systems had a net margin of 20.35% and a return on equity of 30.13%. The firm had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same period last year, the firm earned $1.64 earnings per share. The business’s quarterly revenue was up 10.1% compared to the same quarter last year. On average, research analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

About Cadence Design Systems

Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.