First Horizon Advisors Inc. Purchases 383 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

First Horizon Advisors Inc. boosted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,989 shares of the software maker’s stock after purchasing an additional 383 shares during the period. First Horizon Advisors Inc.’s holdings in Cadence Design Systems were worth $1,799,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of CDNS. Golden State Wealth Management LLC acquired a new position in shares of Cadence Design Systems in the fourth quarter valued at approximately $28,000. Missouri Trust & Investment Co bought a new stake in Cadence Design Systems during the 3rd quarter worth approximately $27,000. MidAtlantic Capital Management Inc. acquired a new position in Cadence Design Systems in the 3rd quarter valued at approximately $28,000. Versant Capital Management Inc raised its stake in shares of Cadence Design Systems by 164.2% during the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after acquiring an additional 87 shares during the last quarter. Finally, Prestige Wealth Management Group LLC lifted its holdings in shares of Cadence Design Systems by 56.6% during the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after purchasing an additional 60 shares during the period. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $258.27 on Monday. The firm has a market capitalization of $70.83 billion, a P/E ratio of 66.91, a P/E/G ratio of 3.88 and a beta of 1.03. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99. The company has a fifty day moving average of $300.54 and a 200-day moving average of $287.48. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing the consensus estimate of $1.82 by ($0.33). The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. As a group, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CDNS. Mizuho increased their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Piper Sandler increased their price target on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. Robert W. Baird cut their price objective on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research note on Thursday. Needham & Company LLC reiterated a “buy” rating and issued a $325.00 target price on shares of Cadence Design Systems in a report on Wednesday, February 19th. Finally, Rosenblatt Securities raised their price target on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $326.92.

Insider Buying and Selling

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total transaction of $190,008.00. Following the completion of the sale, the vice president now owns 58,773 shares in the company, valued at approximately $17,180,523.36. The trade was a 1.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Paul Scannell sold 3,171 shares of the firm’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $305.78, for a total transaction of $969,628.38. Following the completion of the transaction, the vice president now directly owns 14,318 shares in the company, valued at $4,378,158.04. This trade represents a 18.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 108,416 shares of company stock valued at $33,538,875. 1.99% of the stock is owned by company insiders.

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.