Lyell Wealth Management LP Increases Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Lyell Wealth Management LP lifted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.7% in the 3rd quarter, Holdings Channel.com reports. The fund owned 44,502 shares of the software maker’s stock after buying an additional 2,404 shares during the quarter. Cadence Design Systems comprises approximately 1.1% of Lyell Wealth Management LP’s investment portfolio, making the stock its 28th largest position. Lyell Wealth Management LP’s holdings in Cadence Design Systems were worth $12,061,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of CDNS. Empowered Funds LLC lifted its stake in shares of Cadence Design Systems by 223.8% in the 1st quarter. Empowered Funds LLC now owns 9,181 shares of the software maker’s stock worth $2,858,000 after purchasing an additional 6,346 shares during the period. Norden Group LLC increased its position in Cadence Design Systems by 1,659.3% in the first quarter. Norden Group LLC now owns 13,300 shares of the software maker’s stock worth $4,140,000 after buying an additional 12,544 shares in the last quarter. BNP Paribas Financial Markets raised its stake in shares of Cadence Design Systems by 58.1% in the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after buying an additional 468,195 shares during the period. Park National Corp OH lifted its position in shares of Cadence Design Systems by 19.8% during the 2nd quarter. Park National Corp OH now owns 136,251 shares of the software maker’s stock valued at $41,931,000 after buying an additional 22,537 shares in the last quarter. Finally, Teamwork Financial Advisors LLC lifted its position in shares of Cadence Design Systems by 40.0% during the 1st quarter. Teamwork Financial Advisors LLC now owns 35,151 shares of the software maker’s stock valued at $10,942,000 after buying an additional 10,037 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on CDNS. Robert W. Baird decreased their target price on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 23rd. Berenberg Bank started coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price for the company. Mizuho began coverage on Cadence Design Systems in a report on Tuesday. They set an “outperform” rating and a $325.00 price target on the stock. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a report on Tuesday, August 6th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $323.42.

Insider Transactions at Cadence Design Systems

In other news, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the completion of the sale, the chief financial officer now owns 38,654 shares in the company, valued at approximately $10,278,485.14. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total value of $425,490.00. Following the completion of the sale, the director now directly owns 42,051 shares of the company’s stock, valued at $11,928,186.66. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the transaction, the chief financial officer now directly owns 38,654 shares in the company, valued at approximately $10,278,485.14. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,347 shares of company stock worth $7,728,272. 1.99% of the stock is currently owned by company insiders.

Cadence Design Systems Trading Up 2.4 %

CDNS opened at $257.30 on Friday. The stock has a 50-day moving average of $267.89 and a 200 day moving average of $283.26. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. Cadence Design Systems, Inc. has a 12 month low of $228.66 and a 12 month high of $328.99. The firm has a market cap of $70.09 billion, a P/E ratio of 67.01, a P/E/G ratio of 3.37 and a beta of 1.02.

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.