2,688 Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS) Purchased by Leelyn Smith LLC

Leelyn Smith LLC purchased a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,688 shares of the software maker’s stock, valued at approximately $808,000.

Several other institutional investors have also added to or reduced their stakes in the company. Swedbank AB boosted its position in shares of Cadence Design Systems by 15.1% during the 3rd quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock valued at $475,336,000 after acquiring an additional 230,672 shares during the last quarter. Principal Financial Group Inc. raised its stake in Cadence Design Systems by 33.0% during the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after purchasing an additional 501,833 shares in the last quarter. OneDigital Investment Advisors LLC lifted its position in Cadence Design Systems by 63.5% during the third quarter. OneDigital Investment Advisors LLC now owns 3,477 shares of the software maker’s stock valued at $942,000 after purchasing an additional 1,350 shares during the last quarter. Empowered Funds LLC grew its stake in shares of Cadence Design Systems by 13.3% in the 3rd quarter. Empowered Funds LLC now owns 12,974 shares of the software maker’s stock worth $3,516,000 after buying an additional 1,526 shares in the last quarter. Finally, Natixis Advisors LLC increased its holdings in shares of Cadence Design Systems by 6.1% in the 3rd quarter. Natixis Advisors LLC now owns 181,610 shares of the software maker’s stock worth $49,222,000 after buying an additional 10,371 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Up 3.1 %

Shares of CDNS opened at $255.11 on Tuesday. The firm has a fifty day moving average price of $281.46 and a 200-day moving average price of $284.30. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $69.93 billion, a P/E ratio of 66.09, a P/E/G ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 12-month low of $230.09 and a 12-month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data 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). The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. Equities research analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $325.00 price target on shares of Cadence Design Systems in a report on Wednesday, February 19th. Piper Sandler raised their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. Mizuho boosted their target price on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Rosenblatt Securities raised their price target on Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Finally, Bank of America cut their price objective on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $326.92.

Insiders Place Their Bets

In other news, CEO Anirudh Devgan sold 5,920 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total value of $1,799,916.80. Following the completion of the sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $16,987,930.96. This represents a 9.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total transaction of $198,146.00. Following the transaction, the vice president now directly owns 59,311 shares in the company, valued at approximately $18,080,365.24. The trade was a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 105,245 shares of company stock worth $32,534,498 in the last ninety days. 1.99% of the stock is owned by company insiders.

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.