Cumberland Partners Ltd Buys 18,874 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Cumberland Partners Ltd grew its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 65.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 47,927 shares of the software maker’s stock after purchasing an additional 18,874 shares during the quarter. Cumberland Partners Ltd’s holdings in Cadence Design Systems were worth $14,400,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Swedbank AB lifted 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 worth $475,336,000 after purchasing an additional 230,672 shares during the last quarter. Venture Visionary Partners LLC increased its position in Cadence Design Systems by 2.5% in the 3rd quarter. Venture Visionary Partners LLC now owns 1,709 shares of the software maker’s stock worth $463,000 after buying an additional 41 shares during the period. Leo Wealth LLC lifted its holdings in shares of Cadence Design Systems by 6.6% during the third quarter. Leo Wealth LLC now owns 780 shares of the software maker’s stock worth $211,000 after buying an additional 48 shares during the last quarter. BLB&B Advisors LLC boosted its position in shares of Cadence Design Systems by 4.5% in the third quarter. BLB&B Advisors LLC now owns 49,309 shares of the software maker’s stock valued at $13,364,000 after acquiring an additional 2,138 shares during the period. Finally, Private Advisor Group LLC boosted its position in shares of Cadence Design Systems by 31.2% in the third quarter. Private Advisor Group LLC now owns 10,332 shares of the software maker’s stock valued at $2,800,000 after acquiring an additional 2,457 shares during the period. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $306.19, for a total transaction of $199,023.50. Following the transaction, the vice president now owns 60,461 shares in the company, valued at $18,512,553.59. This represents a 1.06 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. This represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 108,416 shares of company stock valued at $33,538,875. Corporate insiders own 0.62% of the company’s stock.

Wall Street Analyst Weigh In

CDNS has been the topic of a number of research reports. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Piper Sandler boosted their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday. Bank of America reduced their target price on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research note on Wednesday. Wells Fargo & Company began coverage on Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price on the stock. Finally, Robert W. Baird raised their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $327.33.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS opened at $274.04 on Thursday. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The business’s fifty day moving average price is $302.96 and its two-hundred day moving average price is $287.16. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. The stock has a market capitalization of $75.16 billion, a price-to-earnings ratio of 71.93, a price-to-earnings-growth ratio of 3.41 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. As a group, analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

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.