Redhawk Wealth Advisors Inc. trimmed its stake in shares of Cadence Design Systems Inc (NASDAQ:CDNS) by 24.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,700 shares of the software maker’s stock after selling 2,462 shares during the quarter. Redhawk Wealth Advisors Inc.’s holdings in Cadence Design Systems were worth $489,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Harvest Group Wealth Management LLC acquired a new position in shares of Cadence Design Systems in the 1st quarter valued at $37,000. Parallel Advisors LLC boosted its holdings in shares of Cadence Design Systems by 29.4% in the 1st quarter. Parallel Advisors LLC now owns 718 shares of the software maker’s stock valued at $46,000 after purchasing an additional 163 shares during the last quarter. JNBA Financial Advisors acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at $39,000. Lindbrook Capital LLC acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at $52,000. Finally, Bessemer Group Inc. boosted its holdings in shares of Cadence Design Systems by 51.9% in the 4th quarter. Bessemer Group Inc. now owns 1,344 shares of the software maker’s stock valued at $59,000 after purchasing an additional 459 shares during the last quarter. 87.28% of the stock is owned by hedge funds and other institutional investors.
CDNS has been the topic of a number of research analyst reports. Needham & Company LLC lifted their price target on shares of Cadence Design Systems to $60.00 and gave the company a “buy” rating in a report on Wednesday, February 20th. DA Davidson lifted their price target on shares of Cadence Design Systems to $62.00 and gave the company a “buy” rating in a report on Wednesday, February 20th. Wells Fargo & Co initiated coverage on shares of Cadence Design Systems in a report on Tuesday, May 14th. They issued a “market perform” rating on the stock. Royal Bank of Canada lifted their price target on shares of Cadence Design Systems to $73.00 and gave the company an “outperform” rating in a report on Tuesday, April 23rd. Finally, BidaskClub upgraded shares of Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a report on Tuesday, April 30th. Five analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company’s stock. Cadence Design Systems currently has a consensus rating of “Buy” and an average target price of $59.44.
In other news, insider Aneel Zaman sold 66,808 shares of the business’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $61.77, for a total value of $4,126,730.16. Following the completion of the sale, the insider now owns 285,961 shares of the company’s stock, valued at approximately $17,663,810.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Surendra Babu Mandava sold 4,235 shares of the business’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $64.87, for a total transaction of $274,724.45. Following the completion of the sale, the insider now directly owns 305,888 shares of the company’s stock, valued at approximately $19,842,954.56. The disclosure for this sale can be found here. Insiders have sold a total of 211,645 shares of company stock worth $13,625,475 in the last ninety days. 2.34% of the stock is currently owned by insiders.
Shares of CDNS stock opened at $67.72 on Monday. Cadence Design Systems Inc has a 52 week low of $39.08 and a 52 week high of $70.49. The company has a current ratio of 1.45, a quick ratio of 1.39 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $19.03 billion, a PE ratio of 55.06, a price-to-earnings-growth ratio of 4.21 and a beta of 1.15.
Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, April 22nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.08. Cadence Design Systems had a net margin of 17.91% and a return on equity of 30.86%. The firm had revenue of $577.00 million for the quarter, compared to the consensus estimate of $569.34 million. During the same quarter in the previous year, the firm posted $0.40 EPS. The firm’s quarterly revenue was up 11.6% on a year-over-year basis. On average, equities analysts expect that Cadence Design Systems Inc will post 1.46 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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.
Featured Story: Bond
Want to see what other hedge funds are holding CDNS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cadence Design Systems Inc (NASDAQ:CDNS).
Receive News & Ratings for Cadence Design Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems and related companies with MarketBeat.com's FREE daily email newsletter.