Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by Corient Private Wealth LLC

Corient Private Wealth LLC increased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 167,313 shares of the software maker’s stock after buying an additional 1,691 shares during the period. Corient Private Wealth LLC’s holdings in Cadence Design Systems were worth $50,271,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Swedbank AB grew its position in shares of Cadence Design Systems by 15.1% during the 3rd quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock valued at $475,336,000 after acquiring an additional 230,672 shares during the period. Principal Financial Group Inc. grew its holdings in Cadence Design Systems by 33.0% in the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after purchasing an additional 501,833 shares during the period. OneDigital Investment Advisors LLC increased its position in shares of Cadence Design Systems by 63.5% in the third quarter. OneDigital Investment Advisors LLC now owns 3,477 shares of the software maker’s stock valued at $942,000 after buying an additional 1,350 shares in the last quarter. Empowered Funds LLC raised its stake in shares of Cadence Design Systems by 13.3% during the 3rd quarter. Empowered Funds LLC now owns 12,974 shares of the software maker’s stock worth $3,516,000 after buying an additional 1,526 shares during the period. Finally, Natixis Advisors LLC lifted its position in shares of Cadence Design Systems by 6.1% during the 3rd quarter. Natixis Advisors LLC now owns 181,610 shares of the software maker’s stock valued at $49,222,000 after buying an additional 10,371 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Activity

In other Cadence Design Systems news, CEO Anirudh Devgan sold 5,920 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total value of $1,799,916.80. Following the sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at $16,987,930.96. The trade was a 9.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO John M. Wall sold 4,224 shares of the business’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $309.03, for a total value of $1,305,342.72. Following the completion of the sale, the chief financial officer now owns 29,248 shares in the company, valued at $9,038,509.44. This represents a 12.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 105,245 shares of company stock valued at $32,534,498 in the last quarter. Insiders own 1.99% of the company’s stock.

Analysts Set New Price Targets

CDNS has been the subject of several recent analyst reports. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Mizuho boosted their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Piper Sandler lifted their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. Robert W. Baird reduced their target price on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. Finally, Wells Fargo & Company assumed coverage on 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 equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus target price of $326.92.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $255.11 on Tuesday. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The stock has a market cap of $69.93 billion, a P/E ratio of 66.09, a PEG ratio of 3.88 and a beta of 1.05. The company has a 50-day moving average price of $281.46 and a 200 day moving average price of $284.30. Cadence Design Systems, Inc. has a 12-month low of $230.09 and a 12-month high of $328.99.

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

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.