Wealth Enhancement Advisory Services LLC Invests $1.08 Million in Cadence Design Systems Inc (CDNS)

Wealth Enhancement Advisory Services LLC acquired a new stake in Cadence Design Systems Inc (NASDAQ:CDNS) in the 3rd quarter, HoldingsChannel reports. The fund acquired 23,969 shares of the software maker’s stock, valued at approximately $1,082,000.

Several other institutional investors have also recently made changes to their positions in CDNS. Ladenburg Thalmann Financial Services Inc. lifted its holdings in shares of Cadence Design Systems by 21.5% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 10,562 shares of the software maker’s stock valued at $389,000 after buying an additional 1,871 shares during the period. Allianz Asset Management GmbH lifted its holdings in shares of Cadence Design Systems by 8.4% in the first quarter. Allianz Asset Management GmbH now owns 1,926,819 shares of the software maker’s stock valued at $70,849,000 after buying an additional 148,830 shares during the period. DnB Asset Management AS lifted its holdings in shares of Cadence Design Systems by 15.8% in the second quarter. DnB Asset Management AS now owns 32,300 shares of the software maker’s stock valued at $1,399,000 after buying an additional 4,400 shares during the period. IFM Investors Pty Ltd lifted its holdings in shares of Cadence Design Systems by 112.3% in the second quarter. IFM Investors Pty Ltd now owns 11,653 shares of the software maker’s stock valued at $505,000 after buying an additional 6,164 shares during the period. Finally, State of Alaska Department of Revenue lifted its holdings in shares of Cadence Design Systems by 29.5% in the second quarter. State of Alaska Department of Revenue now owns 72,440 shares of the software maker’s stock valued at $3,137,000 after buying an additional 16,500 shares during the period. Institutional investors and hedge funds own 87.56% of the company’s stock.

Shares of NASDAQ CDNS opened at $44.95 on Tuesday. Cadence Design Systems Inc has a 12 month low of $35.49 and a 12 month high of $47.40. The firm has a market cap of $12.74 billion, a PE ratio of 42.41, a P/E/G ratio of 3.23 and a beta of 1.12. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.64 and a quick ratio of 1.58.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, October 22nd. The software maker reported $0.49 EPS for the quarter, beating the consensus estimate of $0.41 by $0.08. Cadence Design Systems had a return on equity of 28.44% and a net margin of 11.25%. The business had revenue of $532.47 million during the quarter, compared to the consensus estimate of $516.50 million. During the same period in the prior year, the business posted $0.35 earnings per share. Cadence Design Systems’s revenue was up 9.7% compared to the same quarter last year. On average, research analysts anticipate that Cadence Design Systems Inc will post 1.16 earnings per share for the current fiscal year.

In related news, President Anirudh Devgan sold 20,476 shares of the stock in a transaction dated Friday, September 21st. The stock was sold at an average price of $45.73, for a total value of $936,367.48. Following the completion of the sale, the president now directly owns 335,170 shares of the company’s stock, valued at approximately $15,327,324.10. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Lip Bu Tan sold 100,000 shares of the stock in a transaction dated Wednesday, August 15th. The stock was sold at an average price of $45.33, for a total value of $4,533,000.00. Following the completion of the sale, the chief executive officer now directly owns 552,813 shares of the company’s stock, valued at $25,059,013.29. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 313,471 shares of company stock valued at $14,296,272. 2.28% of the stock is currently owned by company insiders.

Several analysts have recently weighed in on the company. Benchmark upgraded Cadence Design Systems from a “hold” rating to a “buy” rating and set a $51.00 price objective for the company in a report on Tuesday, October 23rd. BidaskClub lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Wednesday, August 22nd. DA Davidson upped their price objective on Cadence Design Systems to $52.00 and gave the company a “buy” rating in a report on Tuesday, July 24th. Needham & Company LLC upped their target price on Cadence Design Systems from $47.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 24th. Finally, Zacks Investment Research raised Cadence Design Systems from a “hold” rating to a “strong-buy” rating and set a $54.00 target price for the company in a report on Thursday, October 25th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $50.86.

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About Cadence Design Systems

Cadence Design Systems, Inc provides electronic design automation software, emulation and prototyping hardware, system interconnect, and analysis 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, a verification computing platform; and Protium S1 field-programmable gate array prototyping platform.

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Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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