MainStreet Investment Advisors LLC Decreases Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

MainStreet Investment Advisors LLC cut its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,374 shares of the software maker’s stock after selling 227 shares during the quarter. MainStreet Investment Advisors LLC’s holdings in Cadence Design Systems were worth $4,319,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Principal Financial Group Inc. increased its position in shares of Cadence Design Systems by 10.7% during the 4th quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker’s stock valued at $672,300,000 after purchasing an additional 216,075 shares during the last quarter. Pittenger & Anderson Inc. increased its holdings in Cadence Design Systems by 50.1% in the 4th quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker’s stock worth $1,589,000 after acquiring an additional 1,766 shares during the last quarter. Meridiem Investment Management Ltd. increased its holdings in Cadence Design Systems by 64.3% in the 4th quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker’s stock worth $235,625,000 after acquiring an additional 306,887 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in Cadence Design Systems by 132.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock worth $41,850,000 after acquiring an additional 79,268 shares during the last quarter. Finally, Avanza Fonder AB purchased a new stake in Cadence Design Systems in the 4th quarter worth about $6,046,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CDNS. Piper Sandler lifted their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. Needham & Company LLC reissued a “buy” rating and issued a $325.00 price objective on shares of Cadence Design Systems in a report on Tuesday. JPMorgan Chase & Co. raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $300.00 to $325.00 in a report on Thursday, April 24th. Loop Capital decreased their price objective on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. Finally, StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus price target of $322.54.

Insider Activity

In related news, CEO Anirudh Devgan sold 10,737 shares of the business’s stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $310.00, for a total value of $3,328,470.00. Following the completion of the sale, the chief executive officer now owns 209,548 shares in the company, valued at $64,959,880. The trade was a 4.87% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Paul Scannell sold 4,710 shares of the business’s stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $300.00, for a total value of $1,413,000.00. Following the completion of the sale, the vice president now owns 28,442 shares of the company’s stock, valued at $8,532,600. The trade was a 14.21% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,577 shares of company stock worth $5,316,411. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $318.66 on Wednesday. The company has a market cap of $87.01 billion, a PE ratio of 82.55, a price-to-earnings-growth ratio of 3.88 and a beta of 1.04. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The stock has a 50-day moving average price of $267.19 and a 200-day moving average price of $285.60. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.07. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company’s revenue for the quarter was up 23.1% on a year-over-year basis. During the same quarter last year, the company posted $1.17 EPS. As a group, equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

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.