Cohen & Steers Inc. Raises Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Cohen & Steers Inc. lifted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 774 shares of the software maker’s stock after purchasing an additional 42 shares during the quarter. Cohen & Steers Inc.’s holdings in Cadence Design Systems were worth $233,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Principal Financial Group Inc. increased its holdings in shares of Cadence Design Systems by 33.0% in the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after buying an additional 501,833 shares during the last quarter. M&T Bank Corp increased its stake in Cadence Design Systems by 78.5% during the third quarter. M&T Bank Corp now owns 35,218 shares of the software maker’s stock worth $9,546,000 after acquiring an additional 15,491 shares during the last quarter. Advisory Resource Group raised its position in Cadence Design Systems by 20.9% during the third quarter. Advisory Resource Group now owns 3,721 shares of the software maker’s stock valued at $1,009,000 after purchasing an additional 643 shares during the period. World Investment Advisors LLC lifted its stake in shares of Cadence Design Systems by 656.3% in the 3rd quarter. World Investment Advisors LLC now owns 7,457 shares of the software maker’s stock valued at $2,021,000 after purchasing an additional 6,471 shares during the last quarter. Finally, Arvest Bank Trust Division purchased a new position in shares of Cadence Design Systems in the 3rd quarter worth approximately $202,000. Institutional investors own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 1,950 shares of company stock valued at $518,499 over the last ninety days. 1.99% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CDNS. Needham & Company LLC restated a “buy” rating and issued a $325.00 price target on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Rosenblatt Securities lifted their price target on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Oppenheimer reduced their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research report on Wednesday, March 19th. Redburn Atlantic assumed coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 target price for the company. Finally, Piper Sandler increased their price target on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $320.67.

Cadence Design Systems Price Performance

Shares of CDNS stock opened at $264.31 on Wednesday. The stock has a market capitalization of $72.50 billion, a price-to-earnings ratio of 68.47, a P/E/G ratio of 3.88 and a beta of 1.14. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $328.99. The stock has a fifty day simple moving average of $259.82 and a two-hundred day simple moving average of $282.29.

Cadence Design Systems (NASDAQ:CDNS) last issued its 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). The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. On average, analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS 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.