First Bank & Trust Grows Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

First Bank & Trust boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 15.5% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 2,021 shares of the software maker’s stock after buying an additional 271 shares during the period. First Bank & Trust’s holdings in Cadence Design Systems were worth $607,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Principal Financial Group Inc. raised its holdings in 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 period. Pittenger & Anderson Inc. lifted its position in shares of Cadence Design Systems by 50.1% during the fourth quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker’s stock worth $1,589,000 after purchasing an additional 1,766 shares during the last quarter. Meridiem Investment Management Ltd. lifted its position in shares of Cadence Design Systems by 64.3% during the fourth quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker’s stock worth $235,625,000 after purchasing an additional 306,887 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in shares of Cadence Design Systems by 132.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock worth $41,850,000 after purchasing an additional 79,268 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Cadence Design Systems by 48.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after purchasing an additional 310,250 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CDNS. Bank of America decreased their target price on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday. Rosenblatt Securities lifted their target price on Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research report on Wednesday. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Robert W. Baird lifted their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Finally, Redburn Atlantic started coverage on Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective for the company. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $327.33.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $306.19, for a total transaction of $199,023.50. Following the sale, the vice president now owns 60,461 shares in the company, valued at approximately $18,512,553.59. The trade was a 1.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the sale, the chief executive officer now owns 55,874 shares in the company, valued at $17,320,940. The trade was a 62.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock worth $33,538,875 over the last quarter. Insiders own 0.62% of the company’s stock.

Cadence Design Systems Price Performance

CDNS opened at $274.04 on Thursday. The business’s 50-day moving average is $302.96 and its two-hundred day moving average is $287.16. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The firm has a market capitalization of $75.16 billion, a PE ratio of 71.93, a price-to-earnings-growth ratio of 3.41 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last posted 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). Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Research analysts anticipate that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

About Cadence Design Systems

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.