Moody National Bank Trust Division Has $1.66 Million Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Moody National Bank Trust Division grew its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.4% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,083 shares of the software maker’s stock after purchasing an additional 98 shares during the period. Moody National Bank Trust Division’s holdings in Cadence Design Systems were worth $1,661,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Cibc World Market Inc. raised its position in shares of 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 purchasing an additional 571 shares during the period. Prudential PLC bought a new position in Cadence Design Systems during the 1st quarter worth about $1,160,000. Loomis Sayles & Co. L P lifted its holdings in shares of Cadence Design Systems by 1,030.1% in the first quarter. Loomis Sayles & Co. L P now owns 2,780 shares of the software maker’s stock valued at $457,000 after purchasing an additional 2,534 shares in the last quarter. Zions Bancorporation N.A. grew its holdings in shares of 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 buying an additional 117 shares in the last quarter. Finally, NewEdge Advisors LLC raised its position in Cadence Design Systems by 26.8% in the 1st quarter. NewEdge Advisors LLC now owns 16,231 shares of the software maker’s stock valued at $2,669,000 after buying an additional 3,433 shares during the last quarter. 83.95% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Cadence Design Systems news, CFO John M. Wall sold 49,104 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $229.09, for a total transaction of $11,249,235.36. Following the completion of the transaction, the chief financial officer now directly owns 89,550 shares in the company, valued at $20,515,009.50. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CFO John M. Wall sold 49,104 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $229.09, for a total transaction of $11,249,235.36. Following the sale, the chief financial officer now directly owns 89,550 shares of the company’s stock, valued at approximately $20,515,009.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Anirudh Devgan sold 1,523 shares of the stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $233.97, for a total transaction of $356,336.31. Following the completion of the transaction, the chief executive officer now directly owns 144,944 shares of the company’s stock, valued at approximately $33,912,547.68. The disclosure for this sale can be found here. Insiders sold 70,511 shares of company stock valued at $16,268,306 over the last quarter. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $234.08 on Friday. Cadence Design Systems, Inc. has a 12-month low of $138.76 and a 12-month high of $248.16. The firm has a 50-day moving average price of $234.61 and a two-hundred day moving average price of $221.25. The company has a market capitalization of $63.62 billion, a P/E ratio of 71.80, a P/E/G ratio of 3.21 and a beta of 1.03. The company has a quick ratio of 1.26, a current ratio of 1.37 and a debt-to-equity ratio of 0.22.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, July 24th. The software maker reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.18 by $0.04. The business had revenue of $977.00 million for the quarter, compared to the consensus estimate of $975.99 million. Cadence Design Systems had a return on equity of 33.79% and a net margin of 23.41%. The firm’s quarterly revenue was up 13.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.85 earnings per share. Analysts anticipate that Cadence Design Systems, Inc. will post 4.1 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CDNS. Stifel Nicolaus upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating and boosted their target price for the stock from $210.00 to $300.00 in a report on Thursday, July 20th. Needham & Company LLC reissued a “buy” rating and set a $235.00 price target on shares of Cadence Design Systems in a research report on Tuesday, July 25th. Bank of America upped their price objective on Cadence Design Systems from $280.00 to $285.00 and gave the company a “buy” rating in a research note on Tuesday, July 25th. Rosenblatt Securities reiterated a “buy” rating and set a $250.00 target price on shares of Cadence Design Systems in a research note on Friday, August 25th. Finally, StockNews.com raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Wednesday. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $257.44.

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.