First Horizon Advisors Inc. increased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) by 6.8% during the 4th quarter, Holdings Channel reports. The firm owned 5,989 shares of the software maker’s stock after purchasing an additional 383 shares during the quarter. First Horizon Advisors Inc.’s holdings in Cadence Design Systems were worth $1,799,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Van ECK Associates Corp lifted its position in shares of Cadence Design Systems by 26.1% during the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock worth $689,472,000 after buying an additional 572,251 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Cadence Design Systems by 33.0% during the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after acquiring an additional 501,833 shares during the last quarter. Manning & Napier Advisors LLC bought a new stake in Cadence Design Systems during the fourth quarter worth $148,594,000. Jennison Associates LLC boosted its position in Cadence Design Systems by 5.3% in the fourth quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock worth $2,406,760,000 after purchasing an additional 404,076 shares during the last quarter. Finally, AustralianSuper Pty Ltd grew its stake in Cadence Design Systems by 2,353.1% in the 4th quarter. AustralianSuper Pty Ltd now owns 406,682 shares of the software maker’s stock valued at $122,192,000 after purchasing an additional 390,104 shares during the period. 84.85% of the stock is owned by institutional investors.
Insider Activity
In other Cadence Design Systems news, VP Paul Scannell sold 3,171 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the vice president now owns 14,318 shares in the company, valued at approximately $4,378,158.04. The trade was a 18.13 % 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, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly 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 position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 108,416 shares of company stock valued at $33,538,875. 1.99% of the stock is currently owned by insiders.
Cadence Design Systems Stock Performance
Cadence Design Systems (NASDAQ:CDNS – Get Free Report) last announced its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. On average, sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
CDNS has been the topic of several research reports. Redburn Atlantic started coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective on the stock. Rosenblatt Securities increased their price target on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Loop Capital lowered their price objective 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. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Finally, Piper Sandler lifted their price target 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. 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 company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $326.92.
Read Our Latest Stock Analysis on Cadence Design Systems
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.
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