Citizens Financial Group Inc. RI Increases Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Citizens Financial Group Inc. RI increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 80.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,058 shares of the software maker’s stock after buying an additional 3,595 shares during the quarter. Citizens Financial Group Inc. RI’s holdings in Cadence Design Systems were worth $2,421,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Sage Mountain Advisors LLC grew its stake in shares of Cadence Design Systems by 14.0% in the 4th quarter. Sage Mountain Advisors LLC now owns 1,211 shares of the software maker’s stock valued at $364,000 after purchasing an additional 149 shares during the last quarter. Clare Market Investments LLC purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth approximately $431,000. Independent Advisor Alliance lifted its holdings in shares of Cadence Design Systems by 119.7% during the fourth quarter. Independent Advisor Alliance now owns 3,660 shares of the software maker’s stock worth $1,100,000 after purchasing an additional 1,994 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Cadence Design Systems by 4.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 209,463 shares of the software maker’s stock valued at $62,935,000 after buying an additional 8,570 shares during the last quarter. Finally, Sound View Wealth Advisors Group LLC increased its stake in Cadence Design Systems by 22.7% in the 4th quarter. Sound View Wealth Advisors Group LLC now owns 1,458 shares of the software maker’s stock valued at $438,000 after buying an additional 270 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insiders Place Their Bets

In related news, CFO John M. Wall sold 4,224 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $9,038,509.44. This represents a 12.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total value of $1,799,916.80. Following the transaction, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $16,987,930.96. The trade was a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock worth $33,504,126 in the last quarter. 0.62% of the stock is owned by corporate insiders.

Cadence Design Systems Stock Up 0.1 %

Shares of CDNS opened at $234.25 on Wednesday. The company’s fifty day moving average is $286.00 and its two-hundred day moving average is $284.88. Cadence Design Systems, Inc. has a fifty-two week low of $230.09 and a fifty-two week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The firm has a market cap of $64.21 billion, a PE ratio of 60.69, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05.

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

Analysts Set New Price Targets

Several analysts have recently commented on the stock. 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, 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. Piper Sandler upped their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Finally, Needham & Company LLC reissued a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a research note on Wednesday, February 19th. 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 company. According to MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus price target of $326.92.

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.