Merit Financial Group LLC Acquires Shares of 2,219 Cadence Design Systems, Inc. (NASDAQ:CDNS)

Merit Financial Group LLC bought a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 2,219 shares of the software maker’s stock, valued at approximately $667,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Missouri Trust & Investment Co bought a new position in Cadence Design Systems in the third quarter valued at about $27,000. MidAtlantic Capital Management Inc. bought a new stake in shares of Cadence Design Systems during the 3rd quarter valued at approximately $28,000. Versant Capital Management Inc increased its position in Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after purchasing an additional 87 shares in the last quarter. Prestige Wealth Management Group LLC lifted its stake in Cadence Design Systems by 56.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after purchasing an additional 60 shares during the last quarter. Finally, Meeder Asset Management Inc. boosted its position in Cadence Design Systems by 30.3% in the third quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock valued at $55,000 after buying an additional 47 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Mizuho upped their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Berenberg Bank began coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price for the company. Loop Capital assumed coverage on Cadence Design Systems in a research note on Monday, November 11th. They set a “buy” rating and a $360.00 price target on the stock. Redburn Atlantic began coverage on Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective for the company. Finally, Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $329.50.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $321.49 on Thursday. The business has a 50-day moving average price of $304.79 and a two-hundred day moving average price of $284.80. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The company has a market cap of $88.17 billion, a P/E ratio of 84.38, a PEG ratio of 3.51 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter last year, the firm posted $1.01 earnings per share. The firm’s revenue was up 18.8% on a year-over-year basis. As a group, analysts anticipate that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Insider Activity

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $306.19, for a total value of $199,023.50. Following the completion of the sale, the vice president now owns 60,461 shares of the company’s stock, valued at approximately $18,512,553.59. This trade represents a 1.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 108,416 shares of company stock worth $33,528,267 in the last quarter. 0.62% of the stock is owned by corporate insiders.

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.