Cerity Partners LLC Buys 1,952 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Cerity Partners LLC raised its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 54.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,515 shares of the software maker’s stock after purchasing an additional 1,952 shares during the quarter. Cerity Partners LLC’s holdings in Cadence Design Systems were worth $1,502,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of CDNS. Cibc World Market Inc. boosted its holdings in shares of Cadence Design Systems by 2.7% in the 1st quarter. Cibc World Market Inc. now owns 21,529 shares of the software maker’s stock valued at $3,541,000 after purchasing an additional 571 shares in the last quarter. Prudential PLC acquired a new stake in shares of Cadence Design Systems in the 1st quarter valued at $1,160,000. Loomis Sayles & Co. L P boosted its holdings in shares of Cadence Design Systems by 1,030.1% in the 1st 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. boosted its holdings in shares of Cadence Design Systems by 108.3% in the 1st quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock valued at $37,000 after purchasing an additional 117 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its holdings in shares of Cadence Design Systems by 26.8% during the 1st quarter. NewEdge Advisors LLC now owns 16,231 shares of the software maker’s stock valued at $2,669,000 after acquiring an additional 3,433 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In other news, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the transaction, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $310.46, for a total value of $186,276.00. Following the completion of the sale, the senior vice president now directly owns 21,080 shares of the company’s stock, valued at approximately $6,544,496.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Thomas P. Beckley sold 65,268 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the sale, the vice president now directly owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The disclosure for this sale can be found here. In the last ninety days, insiders sold 177,544 shares of company stock valued at $53,581,207. Corporate insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CDNS. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Tuesday, April 16th. Piper Sandler began coverage on Cadence Design Systems in a report on Thursday, April 4th. They set a “neutral” rating and a $334.00 price objective on the stock. Robert W. Baird raised their price objective on Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a report on Thursday. KeyCorp raised their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Finally, Needham & Company LLC reissued a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a report on Friday. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $318.10.

Cadence Design Systems Stock Down 2.0 %

Shares of CDNS opened at $280.25 on Friday. The stock’s 50-day moving average price is $305.52 and its two-hundred day moving average price is $280.05. Cadence Design Systems, Inc. has a 12 month low of $194.01 and a 12 month high of $327.36. The company has a current ratio of 1.24, a quick ratio of 1.13 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $76.30 billion, a PE ratio of 73.36, a PEG ratio of 3.47 and a beta of 1.04.

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

About Cadence Design Systems

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.