Truist Financial Corp Acquires 12,129 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Truist Financial Corp lifted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 279,780 shares of the software maker’s stock after buying an additional 12,129 shares during the period. Truist Financial Corp owned about 0.10% of Cadence Design Systems worth $76,204,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Parkside Financial Bank & Trust boosted its holdings in shares of Cadence Design Systems by 8.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker’s stock valued at $140,000 after acquiring an additional 38 shares during the last quarter. Highview Capital Management LLC DE boosted its holdings in Cadence Design Systems by 0.8% during the fourth quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock worth $1,411,000 after buying an additional 39 shares in the last quarter. BSW Wealth Partners boosted its holdings in Cadence Design Systems by 2.8% during the fourth quarter. BSW Wealth Partners now owns 1,624 shares of the software maker’s stock worth $442,000 after buying an additional 44 shares in the last quarter. Lindbrook Capital LLC boosted its holdings in Cadence Design Systems by 2.5% during the third quarter. Lindbrook Capital LLC now owns 1,844 shares of the software maker’s stock worth $432,000 after buying an additional 45 shares in the last quarter. Finally, Savant Capital LLC boosted its holdings in Cadence Design Systems by 2.7% during the third quarter. Savant Capital LLC now owns 1,733 shares of the software maker’s stock worth $406,000 after buying an additional 45 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the transaction, the vice president now owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Anirudh Devgan sold 1,454 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $441,870.60. Following the completion of the transaction, the chief executive officer now owns 136,455 shares of the company’s stock, valued at $41,468,674.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the transaction, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. Insiders sold a total of 173,044 shares of company stock valued at $52,231,207 over the last 90 days. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Trading Up 1.9 %

Cadence Design Systems stock traded up $5.33 during midday trading on Friday, hitting $282.41. 2,141,655 shares of the stock were exchanged, compared to its average volume of 1,576,006. Cadence Design Systems, Inc. has a fifty-two week low of $198.92 and a fifty-two week high of $327.36. The stock has a market capitalization of $76.85 billion, a price-to-earnings ratio of 73.54, a PEG ratio of 3.26 and a beta of 1.04. The stock’s 50-day simple moving average is $303.85 and its 200 day simple moving average is $281.19. The company has a current ratio of 1.32, a quick ratio of 1.13 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The firm had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same period last year, the business earned $1.02 earnings per share. Cadence Design Systems’s revenue was down 1.2% compared to the same quarter last year. On average, equities analysts anticipate that Cadence Design Systems, Inc. will post 4.78 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CDNS. Piper Sandler lowered their price target on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a report on Tuesday. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a report on Friday, April 19th. Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $260.00 to $350.00 in a report on Wednesday, February 14th. Stifel Nicolaus increased their price objective on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, February 13th. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a report on Monday, April 22nd. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average target price of $326.11.

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.