Geneva Capital Management LLC Acquires 8,993 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Geneva Capital Management LLC grew its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 11.9% during the fourth quarter, Holdings Channel reports. The firm owned 84,367 shares of the software maker’s stock after purchasing an additional 8,993 shares during the period. Geneva Capital Management LLC’s holdings in Cadence Design Systems were worth $25,349,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Principal Financial Group Inc. raised its holdings in shares of Cadence Design Systems by 10.7% during the 4th quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker’s stock valued at $672,300,000 after purchasing an additional 216,075 shares in the last quarter. Pittenger & Anderson Inc. raised its holdings in shares of Cadence Design Systems by 50.1% during the 4th quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker’s stock valued at $1,589,000 after purchasing an additional 1,766 shares in the last quarter. Meridiem Investment Management Ltd. raised its holdings in shares of Cadence Design Systems by 64.3% during the 4th quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker’s stock valued at $235,625,000 after purchasing an additional 306,887 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in Cadence Design Systems by 132.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock valued at $41,850,000 after buying an additional 79,268 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its stake in Cadence Design Systems by 48.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock valued at $258,136,000 after buying an additional 310,250 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on CDNS shares. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price on the stock. Robert W. Baird lowered their target price on shares of 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 raised their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Finally, Piper Sandler raised their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $326.92.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $244.70 on Thursday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The firm’s 50-day simple moving average is $291.22 and its 200-day simple moving average is $285.98. Cadence Design Systems, Inc. has a twelve month low of $233.72 and a twelve month high of $328.99. The firm has a market cap of $67.07 billion, a P/E ratio of 63.39, a price-to-earnings-growth ratio of 3.88 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last announced its 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 the consensus estimate of $1.35 billion. As a group, research analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Scannell sold 3,171 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $305.78, for a total transaction of $969,628.38. Following the completion of the transaction, the vice president now owns 14,318 shares in the company, valued at approximately $4,378,158.04. The trade was a 18.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Anirudh Devgan sold 5,920 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the transaction, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $16,987,930.96. This represents a 9.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 108,416 shares of company stock worth $33,504,126 in the last quarter. 1.99% of the stock is owned by company insiders.

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.