Graypoint LLC Grows Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Graypoint LLC increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report) by 15.5% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,814 shares of the software maker’s stock after acquiring an additional 243 shares during the period. Graypoint LLC’s holdings in Cadence Design Systems were worth $494,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in CDNS. Cibc World Market Inc. boosted its holdings in Cadence Design Systems by 2.7% during the first quarter. Cibc World Market Inc. now owns 21,529 shares of the software maker’s stock worth $3,541,000 after buying an additional 571 shares in the last quarter. Prudential PLC acquired a new position in Cadence Design Systems during the first quarter worth about $1,160,000. Loomis Sayles & Co. L P raised its position in Cadence Design Systems by 1,030.1% during the first quarter. Loomis Sayles & Co. L P now owns 2,780 shares of the software maker’s stock worth $457,000 after acquiring an additional 2,534 shares during the last quarter. Zions Bancorporation N.A. raised its position in Cadence Design Systems by 108.3% during the first quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock worth $37,000 after acquiring an additional 117 shares during the last quarter. Finally, NewEdge Advisors LLC raised its position in Cadence Design Systems by 26.8% during the first quarter. NewEdge Advisors LLC now owns 16,231 shares of the software maker’s stock worth $2,669,000 after acquiring an additional 3,433 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $305.85 on Friday. Cadence Design Systems, Inc. has a one year low of $194.01 and a one year high of $327.36. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24. The company has a 50 day moving average price of $306.47 and a 200 day moving average price of $277.97. The firm has a market capitalization of $83.26 billion, a price-to-earnings ratio of 80.07, a price-to-earnings-growth ratio of 3.72 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) last issued its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 EPS for the quarter, topping the consensus estimate of $1.33 by $0.05. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The firm had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the prior year, the business posted $0.75 earnings per share. Cadence Design Systems’s revenue for the quarter was up 18.8% compared to the same quarter last year. Sell-side analysts anticipate that Cadence Design Systems, Inc. will post 4.82 EPS for the current year.

Insider Buying and Selling

In related news, CFO John M. Wall sold 36,000 shares of the company’s stock in a transaction that occurred on Thursday, January 18th. The shares were sold at an average price of $277.46, for a total transaction of $9,988,560.00. Following the completion of the transaction, the chief financial officer now owns 80,594 shares of the company’s stock, valued at $22,361,611.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Cadence Design Systems news, CFO John M. Wall sold 36,000 shares of the business’s stock in a transaction that occurred on Thursday, January 18th. The shares were sold at an average price of $277.46, for a total transaction of $9,988,560.00. Following the completion of the sale, the chief financial officer now directly owns 80,594 shares in the company, valued at $22,361,611.24. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Thomas P. Beckley sold 65,268 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the sale, the vice president now owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The disclosure for this sale can be found here. Over the last quarter, insiders sold 212,044 shares of company stock valued at $63,106,522. Insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

CDNS has been the subject of a number of research reports. Wells Fargo & Company lifted their target price on shares of Cadence Design Systems from $310.00 to $330.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 6th. Piper Sandler initiated coverage on shares of Cadence Design Systems in a research report on Thursday, April 4th. They set a “neutral” rating and a $334.00 target price for the company. KeyCorp lifted their target price on shares of Cadence Design Systems from $325.00 to $335.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 13th. Stifel Nicolaus boosted their price objective on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research report on Tuesday, February 13th. Finally, Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus target price of $313.60.

Check Out Our Latest Report on Cadence Design Systems

Cadence Design Systems Company Profile

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding CDNS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report).

Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

Receive News & Ratings for Cadence Design Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems and related companies with MarketBeat.com's FREE daily email newsletter.