Citizens Financial Group Inc. RI Raises Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Citizens Financial Group Inc. RI boosted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 80.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,058 shares of the software maker’s stock after buying an additional 3,595 shares during the period. Citizens Financial Group Inc. RI’s holdings in Cadence Design Systems were worth $2,421,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Sage Mountain Advisors LLC grew its holdings in shares of Cadence Design Systems by 14.0% during the fourth quarter. Sage Mountain Advisors LLC now owns 1,211 shares of the software maker’s stock worth $364,000 after buying an additional 149 shares in the last quarter. Clare Market Investments LLC acquired a new position in Cadence Design Systems during the fourth quarter worth $431,000. Independent Advisor Alliance grew its position in Cadence Design Systems by 119.7% in the 4th quarter. Independent Advisor Alliance now owns 3,660 shares of the software maker’s stock valued at $1,100,000 after acquiring an additional 1,994 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Cadence Design Systems by 4.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 209,463 shares of the software maker’s stock worth $62,935,000 after purchasing an additional 8,570 shares during the period. Finally, Sound View Wealth Advisors Group LLC lifted its position in shares of Cadence Design Systems by 22.7% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 1,458 shares of the software maker’s stock worth $438,000 after purchasing an additional 270 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analysts Set New Price Targets

CDNS has been the subject of a number of research reports. Wells Fargo & Company initiated coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective for the company. Piper Sandler upped their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. Mizuho increased their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Bank of America lowered their target price on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Finally, Redburn Atlantic began coverage on Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 price target on the stock. 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 stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $326.92.

Insider Buying and Selling

In other Cadence Design Systems news, CEO Anirudh Devgan sold 5,920 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $16,987,930.96. This trade represents a 9.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the sale, the vice president now directly owns 58,123 shares of the company’s stock, valued at $14,689,425.79. The trade was a 1.11 % 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 worth $33,504,126 in the last ninety days. 0.62% of the stock is owned by corporate insiders.

Cadence Design Systems Trading Up 0.1 %

CDNS opened at $234.25 on Wednesday. The business’s 50-day simple moving average is $286.00 and its 200-day simple moving average is $284.88. The company has a market cap of $64.21 billion, a P/E ratio of 60.69, a PEG ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a one year low of $230.09 and a one year high of $328.99. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 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%. As a group, equities research analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

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.