Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by TIAA Trust National Association

TIAA Trust National Association raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 8.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,396 shares of the software maker’s stock after purchasing an additional 185 shares during the quarter. TIAA Trust National Association’s holdings in Cadence Design Systems were worth $720,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Avior Wealth Management LLC grew its holdings in Cadence Design Systems by 12.4% in the 4th quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock worth $98,000 after buying an additional 36 shares in the last quarter. Lindbrook Capital LLC boosted its position in Cadence Design Systems by 1.7% during the 4th quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker’s stock worth $670,000 after acquiring an additional 38 shares during the period. Empower Advisory Group LLC grew its stake in shares of Cadence Design Systems by 4.9% in the fourth quarter. Empower Advisory Group LLC now owns 875 shares of the software maker’s stock worth $263,000 after purchasing an additional 41 shares in the last quarter. Marcum Wealth LLC increased its holdings in shares of Cadence Design Systems by 4.1% during the fourth quarter. Marcum Wealth LLC now owns 1,123 shares of the software maker’s stock valued at $337,000 after purchasing an additional 44 shares during the period. Finally, CX Institutional raised its stake in shares of Cadence Design Systems by 2.6% during the fourth quarter. CX Institutional now owns 1,791 shares of the software maker’s stock valued at $538,000 after purchasing an additional 46 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

CDNS has been the subject of a number of recent analyst reports. Robert W. Baird decreased their target price on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research report on Thursday, February 20th. Piper Sandler increased their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Oppenheimer decreased their price target on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research note on Wednesday, March 19th. Finally, Redburn Atlantic initiated coverage on Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $324.83.

Insider Activity

In other news, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the transaction, the chief executive officer now owns 55,874 shares in the company, valued at approximately $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total value of $198,146.00. Following the transaction, the vice president now directly owns 59,311 shares in the company, valued at $18,080,365.24. The trade was a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 101,021 shares of company stock worth $31,229,155 over the last 90 days. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS opened at $262.54 on Friday. The stock’s fifty day simple moving average is $275.52 and its 200 day simple moving average is $284.16. The stock has a market capitalization of $71.96 billion, a price-to-earnings ratio of 68.02, a PEG ratio of 3.88 and a beta of 1.05. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 52-week low of $230.09 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results 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 company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. As a group, sell-side analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal 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.