Tower Research Capital LLC TRC Acquires 6,595 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Tower Research Capital LLC TRC raised its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 43.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,791 shares of the software maker’s stock after purchasing an additional 6,595 shares during the quarter. Tower Research Capital LLC TRC’s holdings in Cadence Design Systems were worth $6,547,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in CDNS. Golden State Wealth Management LLC bought a new position in Cadence Design Systems during the fourth quarter valued at about $28,000. Avalon Trust Co bought a new position in shares of Cadence Design Systems during the 4th quarter valued at approximately $39,000. Versant Capital Management Inc increased its stake in shares of Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after purchasing an additional 87 shares during the last quarter. OFI Invest Asset Management bought a new stake in shares of Cadence Design Systems in the 4th quarter worth approximately $46,000. Finally, Synergy Investment Management LLC purchased a new position in Cadence Design Systems in the fourth quarter valued at approximately $50,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Needham & Company LLC reissued a “buy” rating and issued a $325.00 target price on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Robert W. Baird decreased their price objective on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. Piper Sandler upped their price objective 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. Mizuho reduced their target price on shares of Cadence Design Systems from $350.00 to $300.00 and set an “outperform” rating for the company in a research note on Tuesday, April 15th. Finally, Oppenheimer dropped their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research note on Wednesday, March 19th. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $320.67.

Insider Activity

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $252.73, for a total transaction of $164,274.50. Following the sale, the vice president now owns 58,123 shares in the company, valued at $14,689,425.79. This trade represents a 1.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last quarter, insiders have sold 1,950 shares of company stock worth $518,499. 0.37% of the stock is currently owned by corporate insiders.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $260.22 on Monday. The stock has a market cap of $71.38 billion, a price-to-earnings ratio of 67.41, a PEG ratio of 3.88 and a beta of 1.14. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The business has a 50-day simple moving average of $257.23 and a 200 day simple moving average of $282.25. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 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 analysts’ expectations of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. On average, research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal 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.