Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by Wesbanco Bank Inc.

Wesbanco Bank Inc. increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,407 shares of the software maker’s stock after purchasing an additional 61 shares during the quarter. Wesbanco Bank Inc.’s holdings in Cadence Design Systems were worth $612,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Golden State Wealth Management LLC purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth approximately $28,000. Ancora Advisors LLC grew its holdings in Cadence Design Systems by 1,400.0% during the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock worth $36,000 after acquiring an additional 112 shares in the last quarter. Avalon Trust Co acquired a new stake in shares of Cadence Design Systems in the 4th quarter valued at $39,000. OFI Invest Asset Management purchased a new stake in shares of Cadence Design Systems during the 4th quarter worth $46,000. Finally, Synergy Investment Management LLC acquired a new position in shares of Cadence Design Systems during the fourth quarter worth $50,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $305.69 on Wednesday. The stock’s 50-day moving average price is $288.26 and its 200 day moving average price is $287.32. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $83.47 billion, a PE ratio of 79.19, a price-to-earnings-growth ratio of 3.88 and a beta of 0.99. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its 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. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the previous year, the company posted $1.17 earnings per share. The company’s revenue for the quarter was up 23.1% compared to the same quarter last year. As a group, equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have issued reports on CDNS shares. Loop Capital decreased their price target 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. Bank of America raised their price objective on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. Piper Sandler upped their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Needham & Company LLC reiterated a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a research note on Tuesday, May 13th. Finally, Oppenheimer decreased their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research note on Wednesday, March 19th. One equities research 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 data from MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus target price of $325.23.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Scannell sold 4,710 shares of Cadence Design Systems 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 sale, the vice president now directly owns 28,442 shares in the company, valued at $8,532,600. The trade was a 14.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total value of $164,216.00. Following the completion of the transaction, the vice president now owns 108,799 shares of the company’s stock, valued at $27,486,979.36. The trade was a 0.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,445 shares of company stock worth $5,615,733 over the last ninety days. 0.37% of the stock is currently owned by company 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.