Fiduciary Trust Co Boosts Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Fiduciary Trust Co grew its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 18.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,717 shares of the software maker’s stock after purchasing an additional 586 shares during the period. Fiduciary Trust Co’s holdings in Cadence Design Systems were worth $1,117,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in CDNS. Avior Wealth Management LLC raised its stake in shares of Cadence Design Systems by 12.4% in the fourth quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock valued at $98,000 after buying an additional 36 shares during the period. Accredited Investors Inc. lifted its holdings in Cadence Design Systems by 1.7% during the fourth quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker’s stock valued at $654,000 after purchasing an additional 36 shares during the last quarter. Lindbrook Capital LLC boosted its position in Cadence Design Systems by 1.7% during the fourth quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker’s stock worth $670,000 after purchasing an additional 38 shares during the period. Oarsman Capital Inc. increased its stake in shares of Cadence Design Systems by 3.8% in the fourth quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker’s stock worth $313,000 after purchasing an additional 38 shares in the last quarter. Finally, Empower Advisory Group LLC raised its position in shares of Cadence Design Systems by 4.9% in the fourth quarter. Empower Advisory Group LLC now owns 875 shares of the software maker’s stock valued at $263,000 after purchasing an additional 41 shares during the period. 84.85% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Loop Capital lowered their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Rosenblatt Securities increased their price target on shares of Cadence Design Systems from $295.00 to $300.00 and gave the stock a “neutral” rating in a report on Tuesday, April 29th. Oppenheimer decreased their target price on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a report on Wednesday, March 19th. Needham & Company LLC restated a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a research report on Tuesday, April 29th. Finally, Bank of America increased their price objective on Cadence Design Systems from $320.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, April 29th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $322.54.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $305.78 on Friday. The firm has a market capitalization of $83.49 billion, a PE ratio of 79.22, 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. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $328.99. The business’s 50-day moving average price is $264.34 and its 200-day moving average price is $284.76.

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

Insiders Place Their Bets

In other news, VP Paul Scannell sold 4,710 shares of the business’s stock in a transaction dated 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 approximately $8,532,600. The trade was a 14.21 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Anirudh Devgan sold 10,737 shares of the firm’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 transaction, the chief executive officer now owns 209,548 shares in the company, valued at approximately $64,959,880. The trade was a 4.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,577 shares of company stock valued at $5,316,411 over the last three months. Insiders own 0.37% of the company’s stock.

About Cadence Design Systems

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.