Callan Family Office LLC Makes New $908,000 Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Callan Family Office LLC bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 4th quarter, Holdings Channel reports. The institutional investor bought 3,023 shares of the software maker’s stock, valued at approximately $908,000.

Several other institutional investors also recently modified their holdings of CDNS. Swedbank AB increased its holdings in shares of Cadence Design Systems by 15.1% during the third quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock worth $475,336,000 after buying an additional 230,672 shares in the last quarter. Impax Asset Management Group plc increased its holdings in shares of Cadence Design Systems by 20.9% during the third quarter. Impax Asset Management Group plc now owns 1,374,531 shares of the software maker’s stock worth $371,719,000 after buying an additional 237,495 shares in the last quarter. Principal Financial Group Inc. increased its holdings 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 worth $547,886,000 after buying an additional 501,833 shares in the last quarter. Fiera Capital Corp increased its holdings in shares of Cadence Design Systems by 9.3% during the third quarter. Fiera Capital Corp now owns 26,521 shares of the software maker’s stock worth $7,188,000 after buying an additional 2,262 shares in the last quarter. Finally, CWA Asset Management Group LLC acquired a new stake in Cadence Design Systems in the third quarter valued at $1,213,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total transaction of $198,146.00. Following the transaction, the vice president now owns 59,311 shares of the company’s stock, valued at $18,080,365.24. This represents a 1.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Paul Scannell sold 3,171 shares of the stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $305.78, for a total transaction of $969,628.38. Following the transaction, the vice president now directly owns 14,318 shares in the company, valued at $4,378,158.04. This trade represents a 18.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock valued at $33,504,126 in the last 90 days. 1.99% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. Bank of America decreased their price objective on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. Mizuho increased their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Piper Sandler increased their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Rosenblatt Securities increased their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Finally, StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $326.92.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $243.21 on Friday. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $66.67 billion, a P/E ratio of 63.01, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. The firm’s fifty day simple moving average is $288.68 and its two-hundred day simple moving average is $285.44. Cadence Design Systems, Inc. has a 12 month low of $233.72 and a 12 month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data 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). The company 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%. As a group, analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Cadence Design Systems Company 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.