Dorsey & Whitney Trust CO LLC Buys 228 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Dorsey & Whitney Trust CO LLC lifted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 22.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,233 shares of the software maker’s stock after acquiring an additional 228 shares during the quarter. Dorsey & Whitney Trust CO LLC’s holdings in Cadence Design Systems were worth $384,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in CDNS. Vanguard Group Inc. boosted its stake in Cadence Design Systems by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 24,503,455 shares of the software maker’s stock worth $6,674,006,000 after purchasing an additional 384,637 shares during the period. Jennison Associates LLC boosted its stake in Cadence Design Systems by 6.9% in the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock worth $2,205,582,000 after purchasing an additional 459,603 shares during the period. Norges Bank bought a new position in Cadence Design Systems in the 4th quarter worth approximately $1,141,059,000. Nordea Investment Management AB boosted its stake in Cadence Design Systems by 7.7% in the 1st quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock worth $636,172,000 after purchasing an additional 145,351 shares during the period. Finally, Van ECK Associates Corp boosted its stake in Cadence Design Systems by 25.4% in the 1st quarter. Van ECK Associates Corp now owns 1,986,413 shares of the software maker’s stock worth $618,330,000 after purchasing an additional 402,884 shares during the period. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Stock Up 0.8 %

Shares of CDNS traded up $2.12 during midday trading on Friday, reaching $279.95. 2,607,287 shares of the stock were exchanged, compared to its average volume of 1,568,328. Cadence Design Systems, Inc. has a 52 week low of $217.77 and a 52 week high of $328.99. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. The company’s 50 day moving average is $302.82 and its two-hundred day moving average is $297.37. The company has a market capitalization of $76.26 billion, a P/E ratio of 72.90, a PEG ratio of 3.53 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. During the same quarter in the prior year, the company earned $1.02 EPS. The business’s revenue was down 1.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CDNS has been the topic of several recent research reports. KeyCorp upped their price objective on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Bank of America upped their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Piper Sandler reaffirmed a “neutral” rating and set a $318.00 price objective on shares of Cadence Design Systems in a report on Wednesday, July 10th. Robert W. Baird upped their price objective on Cadence Design Systems from $322.00 to $341.00 and gave the stock an “outperform” rating in a report on Tuesday, July 2nd. Finally, Wells Fargo & Company upped their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus price target of $334.89.

Insider Activity at Cadence Design Systems

In related news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $165,216.00. Following the sale, the senior vice president now owns 20,480 shares of the company’s stock, valued at $5,639,372.80. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $275,360.00. Following the completion of the sale, the vice president now owns 67,144 shares of the company’s stock, valued at $18,488,771.84. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $165,216.00. Following the completion of the sale, the senior vice president now directly owns 20,480 shares of the company’s stock, valued at approximately $5,639,372.80. The disclosure for this sale can be found here. Insiders have sold a total of 50,134 shares of company stock valued at $14,987,093 over the last quarter. 1.99% of the stock is owned by corporate 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.