First Horizon Advisors Inc. Boosts Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

First Horizon Advisors Inc. grew its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,057 shares of the software maker’s stock after buying an additional 224 shares during the quarter. First Horizon Advisors Inc.’s holdings in Cadence Design Systems were worth $1,377,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. OFI Invest Asset Management bought a new stake in Cadence Design Systems during the 3rd quarter valued at about $26,000. Valley National Advisers Inc. boosted its holdings in shares of Cadence Design Systems by 90.4% in the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after purchasing an additional 47 shares during the period. Fortitude Family Office LLC bought a new position in Cadence Design Systems in the fourth quarter worth approximately $28,000. Rakuten Securities Inc. purchased a new position in Cadence Design Systems during the 4th quarter worth $45,000. Finally, Catalyst Capital Advisors LLC raised its position in Cadence Design Systems by 34.7% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker’s stock valued at $47,000 after purchasing an additional 52 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CDNS. Needham & Company LLC reiterated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a report on Friday, April 19th. Robert W. Baird lifted their price objective on shares of Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a report on Thursday, April 18th. KeyCorp upped their target price on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Wells Fargo & Company lifted their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. Finally, StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average target price of $326.11.

Cadence Design Systems Stock Up 1.9 %

NASDAQ CDNS opened at $281.63 on Friday. Cadence Design Systems, Inc. has a one year low of $198.92 and a one year high of $327.36. The company has a market cap of $76.64 billion, a P/E ratio of 73.34, a P/E/G ratio of 3.25 and a beta of 1.06. The business has a fifty day moving average price of $302.46 and a 200 day moving average price of $281.91. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same period in the previous year, the firm posted $1.02 EPS. The business’s revenue for the quarter was down 1.2% compared to the same quarter last year. Research analysts anticipate that Cadence Design Systems, Inc. will post 4.78 EPS for the current fiscal year.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Aneel Zaman sold 1,207 shares of Cadence Design Systems stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $366,807.30. Following the sale, the vice president now owns 61,150 shares in the company, valued at $18,583,485. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Aneel Zaman sold 1,207 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $366,807.30. Following the transaction, the vice president now directly owns 61,150 shares in the company, valued at approximately $18,583,485. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total transaction of $449,130.00. Following the completion of the sale, the director now owns 53,183 shares of the company’s stock, valued at approximately $15,924,053.86. The disclosure for this sale can be found here. Insiders sold 174,566 shares of company stock worth $52,649,105 in the last 90 days. Insiders own 1.99% of the company’s stock.

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.