Smith Group Asset Management LLC Boosts Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Smith Group Asset Management LLC lifted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 10.0% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 106,027 shares of the software maker’s stock after acquiring an additional 9,652 shares during the period. Cadence Design Systems accounts for approximately 2.3% of Smith Group Asset Management LLC’s portfolio, making the stock its 14th biggest position. Smith Group Asset Management LLC’s holdings in Cadence Design Systems were worth $31,857,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Robeco Institutional Asset Management B.V. raised its holdings in Cadence Design Systems by 66.0% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 529,287 shares of the software maker’s stock valued at $159,030,000 after buying an additional 210,349 shares during the period. Sumitomo Life Insurance Co. raised its holdings in Cadence Design Systems by 28.4% in the 4th quarter. Sumitomo Life Insurance Co. now owns 22,600 shares of the software maker’s stock valued at $6,790,000 after buying an additional 5,000 shares during the period. SteelPeak Wealth LLC raised its holdings in Cadence Design Systems by 7.4% in the 4th quarter. SteelPeak Wealth LLC now owns 4,414 shares of the software maker’s stock valued at $1,326,000 after buying an additional 304 shares during the period. BSW Wealth Partners raised its holdings in Cadence Design Systems by 8.3% in the 4th quarter. BSW Wealth Partners now owns 1,229 shares of the software maker’s stock valued at $369,000 after buying an additional 94 shares during the period. Finally, Tamar Securities LLC raised its holdings in Cadence Design Systems by 6.3% in the 4th quarter. Tamar Securities LLC now owns 85,743 shares of the software maker’s stock valued at $25,762,000 after buying an additional 5,110 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CDNS. Mizuho boosted their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Wells Fargo & Company began coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target on the stock. Needham & Company LLC cut their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Finally, Robert W. Baird boosted their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $329.50.

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $276.00, for a total value of $179,400.00. Following the completion of the transaction, the vice president now directly owns 61,111 shares of the company’s stock, valued at $16,866,636. This represents a 1.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the transaction, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 108,416 shares of company stock valued at $33,528,267 over the last three months. 1.99% of the stock is owned by corporate insiders.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $299.30 on Wednesday. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99. The company has a market cap of $82.09 billion, a PE ratio of 78.56, a P/E/G ratio of 3.70 and a beta of 1.04. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The business has a 50-day simple moving average of $306.05 and a 200-day simple moving average of $284.72.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $1.18 billion. During the same period in the previous year, the company posted $1.01 earnings per share. The business’s revenue for the quarter was up 18.8% on a year-over-year basis. On average, equities research analysts forecast that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal 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.