Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock Position Raised by Geneva Capital Management LLC

Geneva Capital Management LLC lifted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 11.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 84,367 shares of the software maker’s stock after buying an additional 8,993 shares during the period. Geneva Capital Management LLC’s holdings in Cadence Design Systems were worth $25,349,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Principal Financial Group Inc. grew its position in shares of Cadence Design Systems by 10.7% during the 4th quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker’s stock valued at $672,300,000 after buying an additional 216,075 shares during the last quarter. Pittenger & Anderson Inc. grew its position in shares of Cadence Design Systems by 50.1% during the 4th quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker’s stock valued at $1,589,000 after buying an additional 1,766 shares during the last quarter. Meridiem Investment Management Ltd. grew its position in shares of Cadence Design Systems by 64.3% during the 4th quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker’s stock valued at $235,625,000 after buying an additional 306,887 shares during the last quarter. Nisa Investment Advisors LLC grew its position in shares of Cadence Design Systems by 132.1% during the 4th quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock valued at $41,850,000 after buying an additional 79,268 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its position in shares of Cadence Design Systems by 48.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock valued at $258,136,000 after buying an additional 310,250 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Insider Buying and Selling

In related news, VP Paul Scannell sold 3,171 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $305.78, for a total value of $969,628.38. Following the completion of the sale, the vice president now owns 14,318 shares in the company, valued at approximately $4,378,158.04. This represents a 18.13 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total transaction of $198,146.00. Following the completion of the sale, the vice president now owns 59,311 shares of the company’s stock, valued at approximately $18,080,365.24. The trade was a 1.08 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 108,416 shares of company stock worth $33,504,126. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Up 1.4 %

Shares of NASDAQ:CDNS opened at $244.70 on Thursday. Cadence Design Systems, Inc. has a twelve month low of $233.72 and a twelve month high of $328.99. The firm has a market cap of $67.07 billion, a P/E ratio of 63.39, a P/E/G ratio of 3.88 and a beta of 1.03. The company has a 50 day moving average of $291.22 and a 200-day moving average of $285.98. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53.

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

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on CDNS shares. Piper Sandler boosted their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Redburn Atlantic began coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They set a “buy” rating and a $350.00 target price for the company. Loop Capital reduced their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. 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. Finally, Rosenblatt Securities boosted their target price on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average target price 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.