Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by TIAA Trust National Association

TIAA Trust National Association lifted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 8.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,396 shares of the software maker’s stock after acquiring an additional 185 shares during the period. TIAA Trust National Association’s holdings in Cadence Design Systems were worth $720,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the stock. Avior Wealth Management LLC increased its holdings in shares of Cadence Design Systems by 12.4% during the 4th quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock worth $98,000 after buying an additional 36 shares during the last quarter. Lindbrook Capital LLC lifted 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 valued at $670,000 after buying an additional 38 shares in the last quarter. Empower Advisory Group LLC grew its stake in Cadence Design Systems by 4.9% during the fourth quarter. Empower Advisory Group LLC now owns 875 shares of the software maker’s stock worth $263,000 after buying an additional 41 shares during the period. Marcum Wealth LLC raised its stake in shares of Cadence Design Systems by 4.1% in the 4th quarter. Marcum Wealth LLC now owns 1,123 shares of the software maker’s stock valued at $337,000 after acquiring an additional 44 shares during the period. Finally, CX Institutional boosted its position in Cadence Design Systems by 2.6% during the 4th quarter. CX Institutional now owns 1,791 shares of the software maker’s stock worth $538,000 after purchasing an additional 46 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

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 dated Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total value of $198,146.00. Following the transaction, 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the transaction, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 101,021 shares of company stock valued at $31,229,155 in the last quarter. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Down 0.3 %

NASDAQ:CDNS opened at $262.54 on Friday. Cadence Design Systems, Inc. has a 52 week low of $230.09 and a 52 week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The company has a market cap of $71.96 billion, a PE ratio of 68.02, a P/E/G ratio of 3.88 and a beta of 1.05. The business’s 50 day moving average is $275.52 and its two-hundred day moving average is $284.16.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. On average, analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analyst Ratings Changes

A number of research firms have recently issued reports on CDNS. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Mizuho raised their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Loop Capital cut their price objective 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. Bank of America lowered their target price on 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, Needham & Company LLC reiterated a “buy” rating and issued a $325.00 price target on shares of Cadence Design Systems in a research note on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $324.83.

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.