US Bancorp DE Has $10.77 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

US Bancorp DE lowered its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 35,827 shares of the software maker’s stock after selling 1,849 shares during the period. US Bancorp DE’s holdings in Cadence Design Systems were worth $10,765,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in CDNS. Swedbank AB grew its stake in Cadence Design Systems by 15.1% in the third 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 period. Pinnacle Associates Ltd. grew its stake in Cadence Design Systems by 7.9% in the third quarter. Pinnacle Associates Ltd. now owns 999 shares of the software maker’s stock valued at $272,000 after acquiring an additional 73 shares during the period. Stephens Inc. AR grew its stake in Cadence Design Systems by 26.3% in the third quarter. Stephens Inc. AR now owns 4,634 shares of the software maker’s stock valued at $1,256,000 after acquiring an additional 964 shares during the period. Farther Finance Advisors LLC grew its stake in Cadence Design Systems by 11.5% in the third quarter. Farther Finance Advisors LLC now owns 2,724 shares of the software maker’s stock valued at $739,000 after acquiring an additional 280 shares during the period. Finally, Janney Montgomery Scott LLC grew its stake in Cadence Design Systems by 8.1% in the third quarter. Janney Montgomery Scott LLC now owns 82,544 shares of the software maker’s stock valued at $22,372,000 after acquiring an additional 6,202 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Redburn Atlantic assumed coverage on Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective for the company. Needham & Company LLC reissued a “buy” rating and issued a $325.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Loop Capital cut their target price on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. 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, February 19th. Finally, Robert W. Baird cut their target price on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $326.92.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $241.74 on Tuesday. The business’s fifty day simple moving average is $293.85 and its 200 day simple moving average is $286.55. The firm has a market capitalization of $66.26 billion, a P/E ratio of 62.63, a price-to-earnings-growth ratio of 3.88 and a beta of 1.03. Cadence Design Systems, Inc. has a 12 month low of $240.35 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.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. As a group, analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Scannell sold 3,171 shares of the business’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $305.78, for a total value of $969,628.38. Following the sale, the vice president now directly owns 14,318 shares in the company, valued at $4,378,158.04. The trade was a 18.13 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Anirudh Devgan sold 5,920 shares of the business’s stock in a transaction 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 in the company, valued at approximately $16,987,930.96. The trade was a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 107,766 shares of company stock worth $33,339,852 over the last ninety days. 1.99% of the stock is currently 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.