CX Institutional Boosts Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

CX Institutional increased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.3% in the 1st quarter, Holdings Channel reports. The firm owned 1,833 shares of the software maker’s stock after buying an additional 42 shares during the period. CX Institutional’s holdings in Cadence Design Systems were worth $466,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its stake in 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 acquiring an additional 216,075 shares during the last quarter. Pittenger & Anderson Inc. raised its stake in Cadence Design Systems by 50.1% during the 4th quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker’s stock valued at $1,589,000 after acquiring an additional 1,766 shares during the last quarter. Meridiem Investment Management Ltd. raised its stake in Cadence Design Systems by 64.3% during the 4th quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker’s stock valued at $235,625,000 after acquiring an additional 306,887 shares during the last quarter. Park Square Financial Group LLC purchased a new stake in Cadence Design Systems during the 4th quarter valued at approximately $348,000. Finally, Citizens Financial Group Inc. RI raised its stake in Cadence Design Systems by 80.6% during the 4th quarter. Citizens Financial Group Inc. RI now owns 8,058 shares of the software maker’s stock valued at $2,421,000 after acquiring an additional 3,595 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on CDNS shares. JPMorgan Chase & Co. upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $300.00 to $325.00 in a research report on Thursday, April 24th. Piper Sandler boosted their target price on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. KeyCorp boosted their target price on Cadence Design Systems from $355.00 to $375.00 and gave the stock an “overweight” rating in a research report on Thursday, May 15th. Needham & Company LLC reiterated a “buy” rating and set a $325.00 target price on shares of Cadence Design Systems in a research report on Tuesday, May 13th. Finally, Mizuho boosted their target price on Cadence Design Systems from $300.00 to $325.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 29th. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average price target of $325.23.

Insider Activity

In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated 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 directly owns 108,799 shares in the company, valued at approximately $27,486,979.36. This trade represents a 0.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $275.00, for a total value of $49,500.00. Following the completion of the transaction, the director now owns 7,411 shares of the company’s stock, valued at $2,038,025. This trade represents a 2.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,625 shares of company stock worth $5,670,453 over the last ninety days. Corporate insiders own 0.37% of the company’s stock.

Cadence Design Systems Stock Down 2.5%

Shares of NASDAQ CDNS opened at $300.00 on Friday. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $328.99. The company has a market cap of $81.91 billion, a P/E ratio of 77.72, a P/E/G ratio of 3.88 and a beta of 0.99. 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 fifty day moving average price of $292.59 and a 200 day moving average price of $287.36.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm’s quarterly revenue was up 23.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.17 EPS. Research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Cadence Design Systems Company 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.