Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Fiduciary Trust Co

Fiduciary Trust Co grew its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,131 shares of the software maker’s stock after buying an additional 80 shares during the period. Fiduciary Trust Co’s holdings in Cadence Design Systems were worth $849,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in the business. Park National Corp OH lifted its stake in Cadence Design Systems by 19.8% during the second quarter. Park National Corp OH now owns 136,251 shares of the software maker’s stock worth $41,931,000 after purchasing an additional 22,537 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted 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 worth $258,136,000 after buying an additional 310,250 shares during the last quarter. SG Americas Securities LLC boosted its holdings in shares of Cadence Design Systems by 88.4% in the 2nd quarter. SG Americas Securities LLC now owns 54,022 shares of the software maker’s stock valued at $16,625,000 after buying an additional 25,347 shares in the last quarter. Teamwork Financial Advisors LLC grew its position in shares of Cadence Design Systems by 19.4% in the 3rd quarter. Teamwork Financial Advisors LLC now owns 13,131 shares of the software maker’s stock valued at $3,559,000 after buying an additional 2,136 shares during the last quarter. Finally, Vontobel Holding Ltd. raised its stake in Cadence Design Systems by 5.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 228,597 shares of the software maker’s stock worth $61,957,000 after acquiring an additional 11,568 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Berenberg Bank initiated coverage on Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective on the stock. Mizuho assumed coverage on Cadence Design Systems in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price target on the stock. Oppenheimer initiated coverage on Cadence Design Systems in a report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective for the company. Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price on the stock. Finally, Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a research note on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $326.00.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $413,970.00. Following the sale, the director now directly owns 43,551 shares in the company, valued at approximately $12,019,204.98. The trade was a 3.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $276.00, for a total transaction of $179,400.00. Following the completion of the sale, the vice president now owns 61,111 shares in the company, valued at $16,866,636. This represents a 1.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,634 shares of company stock valued at $1,558,535 in the last ninety days. 1.99% of the stock is currently owned by company insiders.

Cadence Design Systems Trading Up 0.7 %

NASDAQ CDNS opened at $306.81 on Friday. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. The firm has a 50-day moving average price of $281.92 and a 200 day moving average price of $284.42. The stock has a market capitalization of $84.15 billion, a P/E ratio of 80.53, a P/E/G ratio of 4.14 and a beta of 1.02. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same period last year, the firm earned $1.01 EPS. The company’s quarterly revenue was up 18.8% compared to the same quarter last year. Equities research analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

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.