Corient Private Wealth LLC Increases Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Corient Private Wealth LLC grew its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.0% during the fourth quarter, HoldingsChannel reports. The fund owned 65,022 shares of the software maker’s stock after acquiring an additional 2,488 shares during the quarter. Corient Private Wealth LLC’s holdings in Cadence Design Systems were worth $17,710,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CDNS. Norges Bank purchased a new stake in Cadence Design Systems during the 4th quarter valued at about $1,141,059,000. Nordea Investment Management AB raised its position in Cadence Design Systems by 124.8% in the fourth quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after purchasing an additional 1,052,228 shares during the period. Wellington Management Group LLP boosted its position in shares of Cadence Design Systems by 143.3% during the 3rd quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock worth $383,062,000 after purchasing an additional 962,987 shares during the period. Assenagon Asset Management S.A. raised its holdings in shares of Cadence Design Systems by 261.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock valued at $169,022,000 after buying an additional 448,918 shares during the period. Finally, International Assets Investment Management LLC raised its holdings in shares of Cadence Design Systems by 26,060.9% in the 4th quarter. International Assets Investment Management LLC now owns 278,090 shares of the software maker’s stock valued at $757,430,000 after buying an additional 277,027 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Trading Down 0.1 %

Cadence Design Systems stock traded down $0.41 during midday trading on Friday, reaching $294.28. The stock had a trading volume of 957,105 shares, compared to its average volume of 1,364,188. The stock’s 50-day simple moving average is $296.25 and its 200 day simple moving average is $287.08. 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, Inc. has a twelve month low of $208.50 and a twelve month high of $327.36. The stock has a market capitalization of $80.08 billion, a PE ratio of 76.64, a price-to-earnings-growth ratio of 3.61 and a beta of 1.06.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating 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 company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. During the same period last year, the company posted $1.02 earnings per share. The firm’s revenue was down 1.2% compared to the same quarter last year. Analysts expect that Cadence Design Systems, Inc. will post 4.77 EPS for the current year.

Analyst Ratings Changes

Several research firms have recently issued reports on CDNS. Robert W. Baird upped their price objective on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. Needham & Company LLC reissued a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research note on Friday, May 17th. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Stifel Nicolaus raised their price objective on Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. Finally, Piper Sandler lowered their target price on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a report on Tuesday, April 23rd. Three equities 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, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $326.11.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Aneel Zaman sold 1,207 shares of Cadence Design Systems stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $366,807.30. Following the sale, the vice president now directly owns 61,150 shares of the company’s stock, valued at $18,583,485. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, VP Aneel Zaman sold 1,207 shares of the business’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $366,807.30. Following the completion of the sale, the vice president now directly owns 61,150 shares of the company’s stock, valued at $18,583,485. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total value of $165,216.00. Following the completion of the transaction, the senior vice president now owns 20,480 shares of the company’s stock, valued at $5,639,372.80. The disclosure for this sale can be found here. Insiders have sold 109,298 shares of company stock valued at $33,247,394 over the last three months. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Company 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.