Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock Position Lifted by Trillium Asset Management LLC

Trillium Asset Management LLC grew its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 43.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 80,030 shares of the software maker’s stock after buying an additional 24,178 shares during the period. Trillium Asset Management LLC’s holdings in Cadence Design Systems were worth $24,045,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the stock. Intech Investment Management LLC lifted its holdings in shares of Cadence Design Systems by 60.5% in the 4th quarter. Intech Investment Management LLC now owns 22,736 shares of the software maker’s stock worth $6,831,000 after purchasing an additional 8,570 shares during the last quarter. Generali Asset Management SPA SGR bought a new stake in shares of Cadence Design Systems in the 4th quarter worth approximately $5,918,000. Horizon Investments LLC lifted its holdings in shares of Cadence Design Systems by 72.5% in the 4th quarter. Horizon Investments LLC now owns 11,876 shares of the software maker’s stock worth $3,568,000 after purchasing an additional 4,993 shares during the last quarter. PDS Planning Inc lifted its holdings in shares of Cadence Design Systems by 5.6% in the 4th quarter. PDS Planning Inc now owns 1,629 shares of the software maker’s stock worth $489,000 after purchasing an additional 86 shares during the last quarter. Finally, Leelyn Smith LLC bought a new stake in shares of Cadence Design Systems in the 4th quarter worth approximately $808,000. Institutional investors own 84.85% of the company’s stock.

Insider Buying and Selling

In related 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 value of $28,876,810.00. Following the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at $17,320,940. The trade was a 62.51 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the transaction, the vice president now owns 58,123 shares in the company, valued at $14,689,425.79. The trade was a 1.11 % 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 in the last three months. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Stock Down 0.5 %

Shares of CDNS stock opened at $253.88 on Wednesday. Cadence Design Systems, Inc. has a 1 year low of $230.09 and a 1 year high of $328.99. The stock has a market cap of $69.59 billion, a PE ratio of 65.77, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. The business’s fifty day moving average is $280.50 and its 200-day moving average is $284.19. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Equities analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Analyst Ratings Changes

CDNS has been the topic of several recent research reports. Loop Capital cut their price target on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Robert W. Baird cut their target price on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research note on Thursday, February 20th. Mizuho lifted their target price on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Piper Sandler lifted their target price on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. Finally, Rosenblatt Securities lifted their target price on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. One investment 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. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $326.92.

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.