Axxcess Wealth Management LLC Has $2.45 Million Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Axxcess Wealth Management LLC increased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.4% during the 4th quarter, HoldingsChannel reports. The fund owned 8,979 shares of the software maker’s stock after purchasing an additional 381 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Cadence Design Systems were worth $2,446,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Nordea Investment Management AB grew its holdings in shares of Cadence Design Systems by 124.8% in the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after buying an additional 1,052,228 shares during the period. Wellington Management Group LLP raised its position in shares of Cadence Design Systems by 143.3% during the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock worth $383,062,000 after purchasing an additional 962,987 shares during the period. Jennison Associates LLC lifted its holdings in shares of Cadence Design Systems by 8.7% during the 3rd quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock valued at $1,651,166,000 after purchasing an additional 564,085 shares in the last quarter. Assenagon Asset Management S.A. grew its position in shares of Cadence Design Systems by 261.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock valued at $169,022,000 after purchasing an additional 448,918 shares during the period. Finally, International Assets Investment Management LLC raised its holdings in Cadence Design Systems by 26,060.9% during the 4th quarter. International Assets Investment Management LLC now owns 278,090 shares of the software maker’s stock worth $757,430,000 after buying an additional 277,027 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on CDNS shares. Piper Sandler lowered their price objective on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research report on Tuesday, April 23rd. Stifel Nicolaus boosted their price objective on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, February 13th. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. Needham & Company LLC reissued a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Friday, April 19th. Finally, KeyCorp upped their target price on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $326.11.

Insider Buying and Selling at Cadence Design Systems

In related news, Director James D. Plummer sold 2,412 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $315.40, for a total transaction of $760,744.80. Following the sale, the director now directly owns 22,923 shares of the company’s stock, valued at approximately $7,229,914.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director James D. Plummer sold 2,412 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $315.40, for a total transaction of $760,744.80. Following the sale, the director now directly owns 22,923 shares in the company, valued at approximately $7,229,914.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $165,216.00. Following the sale, the senior vice president now owns 20,480 shares in the company, valued at $5,639,372.80. The disclosure for this sale can be found here. Insiders have sold a total of 174,566 shares of company stock valued at $52,649,105 in the last ninety days. 1.99% of the stock is currently owned by company insiders.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS traded up $5.19 during trading on Friday, reaching $281.63. 1,371,195 shares of the company traded hands, compared to its average volume of 1,806,029. The firm has a market capitalization of $76.64 billion, a PE ratio of 73.34, a PEG ratio of 3.32 and a beta of 1.06. The company’s 50 day moving average is $302.02 and its two-hundred day moving average is $282.12. Cadence Design Systems, Inc. has a 52 week low of $198.92 and a 52 week high of $327.36. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. During the same period last year, the firm earned $1.02 EPS. The business’s quarterly revenue was down 1.2% compared to the same quarter last year. As a group, sell-side analysts predict that Cadence Design Systems, Inc. will post 4.78 earnings per share for the current year.

About Cadence Design Systems

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.