Steward Partners Investment Advisory LLC Increases Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Steward Partners Investment Advisory LLC boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 60.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 24,668 shares of the software maker’s stock after purchasing an additional 9,291 shares during the period. Steward Partners Investment Advisory LLC’s holdings in Cadence Design Systems were worth $7,412,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. State Street Corp grew its stake in Cadence Design Systems by 0.5% during the 3rd quarter. State Street Corp now owns 11,922,747 shares of the software maker’s stock valued at $3,231,422,000 after purchasing an additional 60,490 shares during the last quarter. Jennison Associates LLC lifted its position in Cadence Design Systems by 5.3% during the fourth quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock valued at $2,406,760,000 after purchasing an additional 404,076 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Cadence Design Systems by 0.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,988,851 shares of the software maker’s stock valued at $1,081,098,000 after purchasing an additional 37,452 shares during the last quarter. Nordea Investment Management AB raised its stake in shares of Cadence Design Systems by 6.5% during the 4th quarter. Nordea Investment Management AB now owns 2,933,392 shares of the software maker’s stock valued at $885,356,000 after buying an additional 178,212 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in shares of Cadence Design Systems by 3.6% in the 3rd quarter. Janus Henderson Group PLC now owns 2,244,676 shares of the software maker’s stock valued at $608,373,000 after buying an additional 77,246 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total transaction of $198,146.00. Following the completion of the sale, the vice president now owns 59,311 shares of the company’s stock, valued at $18,080,365.24. This trade represents a 1.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Scannell sold 3,171 shares of the company’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $305.78, for a total value of $969,628.38. Following the completion of the transaction, the vice president now directly owns 14,318 shares in the company, valued at approximately $4,378,158.04. This trade represents a 18.13 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 108,416 shares of company stock valued at $33,504,126. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Trading Up 1.4 %

Shares of Cadence Design Systems stock opened at $244.70 on Thursday. Cadence Design Systems, Inc. has a 1-year low of $233.72 and a 1-year high of $328.99. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The stock has a market cap of $67.07 billion, a P/E ratio of 63.39, a P/E/G ratio of 3.88 and a beta of 1.03. The stock’s 50 day simple moving average is $291.22 and its 200-day simple moving average is $285.98.

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

Analyst Upgrades and Downgrades

CDNS has been the subject of a number of analyst reports. Piper Sandler boosted their price target on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Robert W. Baird dropped their price target on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research note on Thursday, February 20th. Bank of America cut their target price on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Finally, Wells Fargo & Company initiated coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $326.92.

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.