Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by Simmons Bank

Simmons Bank boosted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.5% in the fourth quarter, HoldingsChannel.com reports. The firm owned 1,435 shares of the software maker’s stock after acquiring an additional 100 shares during the period. Simmons Bank’s holdings in Cadence Design Systems were worth $431,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the business. Avior Wealth Management LLC boosted its holdings in Cadence Design Systems by 12.4% in the fourth quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock worth $98,000 after purchasing an additional 36 shares during the period. Dudley Capital Management LLC grew its position in shares of Cadence Design Systems by 4.3% during the 3rd quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock valued at $257,000 after buying an additional 39 shares during the last quarter. Falcon Wealth Planning grew its position in shares of Cadence Design Systems by 5.1% during the 3rd quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock valued at $222,000 after buying an additional 40 shares during the last quarter. Fifth Third Wealth Advisors LLC grew its position in shares of Cadence Design Systems by 0.7% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock valued at $1,501,000 after buying an additional 40 shares during the last quarter. Finally, Paragon Advisors LLC raised its position in shares of Cadence Design Systems by 0.6% during the 3rd quarter. Paragon Advisors LLC now owns 6,465 shares of the software maker’s stock worth $1,752,000 after purchasing an additional 41 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on CDNS shares. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Piper Sandler boosted their price target 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. Robert W. Baird reduced their price target on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. Bank of America decreased their target price on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Finally, Redburn Atlantic began coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 target price for the company. 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 stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $326.92.

Insider Buying and Selling

In other news, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the sale, the chief executive officer now owns 55,874 shares in the company, valued at $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total transaction of $190,008.00. Following the sale, the vice president now owns 58,773 shares in the company, valued at $17,180,523.36. This represents a 1.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock worth $33,538,875 in the last ninety days. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS opened at $248.64 on Friday. The stock has a fifty day moving average price of $296.12 and a two-hundred day moving average price of $286.72. The firm has a market cap of $68.15 billion, a P/E ratio of 64.41, a PEG ratio of 3.88 and a beta of 1.03. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. 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 released its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) 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 firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Research analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

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.