SVB Wealth LLC Boosts Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

SVB Wealth LLC increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,173 shares of the software maker’s stock after purchasing an additional 391 shares during the quarter. SVB Wealth LLC’s holdings in Cadence Design Systems were worth $1,954,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale boosted its holdings in shares of Cadence Design Systems by 34.5% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 386,993 shares of the software maker’s stock valued at $91,775,000 after buying an additional 99,251 shares in the last quarter. Miracle Mile Advisors LLC acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at $934,000. Pacer Advisors Inc. raised its stake in Cadence Design Systems by 9.4% in the 4th quarter. Pacer Advisors Inc. now owns 40,409 shares of the software maker’s stock worth $11,006,000 after acquiring an additional 3,484 shares during the last quarter. Patton Fund Management Inc. acquired a new stake in Cadence Design Systems during the 4th quarter worth about $5,264,000. Finally, AEGON ASSET MANAGEMENT UK Plc purchased a new stake in Cadence Design Systems during the 4th quarter valued at about $55,443,000. Institutional investors own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In related news, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the transaction, the vice president now owns 156,156 shares in the company, valued at $46,375,208.88. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $310.46, for a total value of $186,276.00. Following the transaction, the senior vice president now directly owns 21,080 shares in the company, valued at $6,544,496.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the transaction, the vice president now owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The disclosure for this sale can be found here. Insiders have sold a total of 177,544 shares of company stock worth $53,581,207 in the last ninety days. Insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Robert W. Baird lifted their target price on Cadence Design Systems from $289.00 to $302.00 and gave the stock an “outperform” rating in a report on Tuesday, February 13th. Piper Sandler assumed coverage on shares of Cadence Design Systems in a research note on Thursday, April 4th. They set a “neutral” rating and a $334.00 target price on the stock. KeyCorp lifted their price target on Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research note on Monday. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Wednesday, March 6th. Finally, StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Tuesday. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $316.10.

Cadence Design Systems Stock Down 2.4 %

NASDAQ CDNS opened at $293.71 on Thursday. The business has a fifty day moving average price of $306.58 and a 200 day moving average price of $279.35. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24. The company has a market cap of $79.96 billion, a P/E ratio of 76.89, a P/E/G ratio of 3.65 and a beta of 1.04. Cadence Design Systems, Inc. has a one year low of $194.01 and a one year high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.05. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The firm had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.06 billion. During the same period last year, the firm posted $0.75 earnings per share. The company’s revenue for the quarter was up 18.8% on a year-over-year basis. Research analysts anticipate that Cadence Design Systems, Inc. will post 4.82 EPS for the current fiscal 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.