Benjamin F. Edwards & Company Inc. Increases Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Benjamin F. Edwards & Company Inc. lifted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 41.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,272 shares of the software maker’s stock after buying an additional 1,841 shares during the period. Benjamin F. Edwards & Company Inc.’s holdings in Cadence Design Systems were worth $1,708,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of CDNS. Jennison Associates LLC increased its holdings in shares of Cadence Design Systems by 8.7% during the 3rd quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock worth $1,651,166,000 after buying an additional 564,085 shares during the last quarter. Northern Trust Corp increased its position in shares of Cadence Design Systems by 5.6% during the third quarter. Northern Trust Corp now owns 2,995,849 shares of the software maker’s stock valued at $701,927,000 after acquiring an additional 158,031 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Cadence Design Systems by 4.9% in the 3rd quarter. Invesco Ltd. now owns 2,012,292 shares of the software maker’s stock worth $471,480,000 after acquiring an additional 93,984 shares during the last quarter. Nordea Investment Management AB boosted its position in shares of Cadence Design Systems by 124.8% during the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock worth $515,995,000 after purchasing an additional 1,052,228 shares during the period. Finally, Wellington Management Group LLP increased its holdings in Cadence Design Systems by 143.3% in the 3rd quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after purchasing an additional 962,987 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction 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 approximately $46,375,208.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director James D. Plummer sold 2,412 shares of the business’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $315.40, for a total transaction of $760,744.80. Following the transaction, the director now directly owns 22,923 shares in the company, valued at $7,229,914.20. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction that occurred on 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 in the company, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 174,566 shares of company stock worth $52,649,105. 0.62% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CDNS. Robert W. Baird raised their price target on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday. Piper Sandler decreased their price target on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research report on Tuesday, April 23rd. Needham & Company LLC restated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research note on Friday, April 19th. Finally, Stifel Nicolaus raised their price objective on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, February 13th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $326.11.

Cadence Design Systems Stock Up 1.9 %

CDNS opened at $281.63 on Monday. The stock has a market capitalization of $76.64 billion, a P/E ratio of 73.34, a price-to-earnings-growth ratio of 3.32 and a beta of 1.06. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32. Cadence Design Systems, Inc. has a one year low of $198.92 and a one year high of $327.36. The business’s 50-day simple moving average is $302.02 and its 200-day simple moving average is $282.59.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. During the same period last year, the firm posted $1.02 earnings per share. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. Analysts anticipate that Cadence Design Systems, Inc. will post 4.78 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.