Farther Finance Advisors LLC Has $872,000 Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Farther Finance Advisors LLC raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.5% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 2,902 shares of the software maker’s stock after acquiring an additional 178 shares during the period. Farther Finance Advisors LLC’s holdings in Cadence Design Systems were worth $872,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp grew its stake in Cadence Design Systems by 0.5% in the third quarter. State Street Corp now owns 11,922,747 shares of the software maker’s stock valued at $3,231,422,000 after acquiring an additional 60,490 shares during the period. Jennison Associates LLC boosted its position in shares of Cadence Design Systems by 5.3% during the fourth quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock valued at $2,406,760,000 after buying an additional 404,076 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Cadence Design Systems by 0.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,988,851 shares of the software maker’s stock valued at $1,081,098,000 after buying an additional 37,452 shares during the last quarter. Nordea Investment Management AB boosted its position in shares of Cadence Design Systems by 6.5% during the fourth quarter. Nordea Investment Management AB now owns 2,933,392 shares of the software maker’s stock valued at $885,356,000 after buying an additional 178,212 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its position in shares of Cadence Design Systems by 3.6% during the third quarter. Janus Henderson Group PLC now owns 2,244,676 shares of the software maker’s stock valued at $608,373,000 after buying an additional 77,246 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $247.43 on Friday. The firm has a market cap of $67.82 billion, a PE ratio of 64.10, a PEG ratio of 3.88 and a beta of 1.05. The stock’s fifty day moving average price is $282.52 and its two-hundred day moving average price is $284.12. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 1 year low of $230.09 and a 1 year high of $328.99.

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

Insider Buying and Selling at Cadence Design Systems

In related news, CFO John M. Wall sold 4,224 shares of the business’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total transaction of $1,305,342.72. Following the sale, the chief financial officer now directly owns 29,248 shares in the company, valued at approximately $9,038,509.44. The trade was a 12.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Anirudh Devgan sold 5,920 shares of the business’s 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 sale, the chief executive officer now owns 55,874 shares in the company, 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 a total of 105,245 shares of company stock worth $32,534,498 over the last ninety days. 0.62% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Robert W. Baird cut their target price on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. Rosenblatt Securities lifted their target price on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Wells Fargo & Company assumed 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. Piper Sandler lifted their target price on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Finally, Mizuho lifted their price target on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $326.92.

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.