Federated Hermes Inc. Acquires 42,807 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Federated Hermes Inc. raised its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 24.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 215,570 shares of the software maker’s stock after purchasing an additional 42,807 shares during the quarter. Federated Hermes Inc. owned 0.08% of Cadence Design Systems worth $58,715,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. Highview Capital Management LLC DE grew its stake in shares of Cadence Design Systems by 0.8% during the 4th quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock worth $1,411,000 after acquiring an additional 39 shares during the period. BSW Wealth Partners grew its stake in shares of Cadence Design Systems by 2.8% during the 4th quarter. BSW Wealth Partners now owns 1,624 shares of the software maker’s stock worth $442,000 after acquiring an additional 44 shares during the period. Lindbrook Capital LLC grew its stake in shares of Cadence Design Systems by 2.5% during the 3rd quarter. Lindbrook Capital LLC now owns 1,844 shares of the software maker’s stock worth $432,000 after acquiring an additional 45 shares during the period. Savant Capital LLC grew its stake in shares of Cadence Design Systems by 2.7% during the 3rd quarter. Savant Capital LLC now owns 1,733 shares of the software maker’s stock worth $406,000 after acquiring an additional 45 shares during the period. Finally, Advisors Asset Management Inc. grew its stake in shares of Cadence Design Systems by 9.0% during the 3rd quarter. Advisors Asset Management Inc. now owns 545 shares of the software maker’s stock worth $128,000 after acquiring an additional 45 shares during the period. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $280.25 on Friday. The business’s 50-day moving average price is $305.52 and its two-hundred day moving average price is $279.70. Cadence Design Systems, Inc. has a twelve month low of $194.01 and a twelve month high of $327.36. The stock has a market cap of $76.30 billion, a P/E ratio of 73.36, a PEG ratio of 3.47 and a beta of 1.04. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.05. The firm had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.06 billion. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The company’s revenue was up 18.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.75 EPS. As a group, equities analysts predict that Cadence Design Systems, Inc. will post 4.82 EPS for the current fiscal year.

Insider Activity at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 1,454 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $441,870.60. Following the transaction, the chief executive officer now directly owns 136,455 shares of the company’s stock, valued at approximately $41,468,674.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the transaction, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Anirudh Devgan sold 1,454 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $441,870.60. Following the transaction, the chief executive officer now directly owns 136,455 shares in the company, valued at $41,468,674.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 177,544 shares of company stock valued at $53,581,207. Corporate insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Rosenblatt Securities downgraded Cadence Design Systems from a “buy” rating to a “neutral” rating and increased their price target for the stock from $265.00 to $280.00 in a research note on Tuesday, February 13th. KeyCorp increased their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Wells Fargo & Company increased their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday. Piper Sandler initiated coverage on Cadence Design Systems in a report on Thursday, April 4th. They set a “neutral” rating and a $334.00 price objective on the stock. Finally, Robert W. Baird increased their price objective on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a report on Thursday. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and an average target price of $318.10.

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.