Howard Capital Management Inc. Grows Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Howard Capital Management Inc. boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.0% during the 4th quarter, Holdings Channel.com reports. The firm owned 7,548 shares of the software maker’s stock after buying an additional 217 shares during the quarter. Howard Capital Management Inc.’s holdings in Cadence Design Systems were worth $2,268,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Principal Financial Group Inc. lifted its position in Cadence Design Systems by 10.7% during the fourth quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker’s stock valued at $672,300,000 after purchasing an additional 216,075 shares in the last quarter. Pittenger & Anderson Inc. lifted its position in Cadence Design Systems by 50.1% during the fourth quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker’s stock valued at $1,589,000 after purchasing an additional 1,766 shares in the last quarter. Meridiem Investment Management Ltd. lifted its position in 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 valued at $235,625,000 after purchasing an additional 306,887 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in 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 valued at $41,850,000 after purchasing an additional 79,268 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its position in 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 valued at $258,136,000 after purchasing an additional 310,250 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Cadence Design Systems news, CEO Anirudh Devgan sold 5,920 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at $16,987,930.96. The trade was a 9.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $306.19, for a total value of $199,023.50. Following the sale, the vice president now directly owns 60,461 shares in the company, valued at $18,512,553.59. The trade was a 1.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock valued at $33,538,875 over the last ninety days. 1.99% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on CDNS shares. Piper Sandler lifted their target price on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday. Bank of America decreased their price target on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a report on Wednesday. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Loop Capital decreased their price target on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Mizuho raised their price target on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average price target of $326.92.

Cadence Design Systems Trading Down 4.4 %

Shares of CDNS stock opened at $258.27 on Friday. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99. 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 stock’s 50-day moving average price is $300.54 and its 200-day moving average price is $287.22. The stock has a market capitalization of $70.83 billion, a price-to-earnings ratio of 66.91, a price-to-earnings-growth ratio of 3.88 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last issued 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 return on equity of 29.24% and a net margin of 22.74%. The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Equities research analysts predict that Cadence Design Systems, Inc. will post 5.41 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.