Fiduciary Trust Co Raises Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Fiduciary Trust Co raised its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,131 shares of the software maker’s stock after purchasing an additional 80 shares during the period. Fiduciary Trust Co’s holdings in Cadence Design Systems were worth $849,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of CDNS. Dudley Capital Management LLC lifted its position in shares of Cadence Design Systems by 4.3% in the third quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock valued at $257,000 after acquiring an additional 39 shares in the last quarter. Trust Point Inc. boosted its stake in Cadence Design Systems by 2.9% during the 3rd quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock worth $379,000 after purchasing an additional 40 shares during the last quarter. Falcon Wealth Planning grew its holdings in shares of Cadence Design Systems by 5.1% during the third quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock worth $222,000 after buying an additional 40 shares in the last quarter. Fifth Third Wealth Advisors LLC raised its position in shares of Cadence Design Systems by 0.7% in the third 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, Venture Visionary Partners LLC lifted its stake in shares of Cadence Design Systems by 2.5% in the third quarter. Venture Visionary Partners LLC now owns 1,709 shares of the software maker’s stock worth $463,000 after buying an additional 41 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total transaction of $173,478.50. Following the sale, the vice president now owns 64,544 shares in the company, valued at $17,226,148.16. This represents a 1.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Karna Nisewaner sold 659 shares of Cadence Design Systems stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total value of $181,870.82. Following the completion of the transaction, the senior vice president now owns 16,029 shares of the company’s stock, valued at $4,423,683.42. The trade was a 3.95 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,634 shares of company stock valued at $1,558,535. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $306.81 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The firm has a market cap of $84.15 billion, a P/E ratio of 80.53, a P/E/G ratio of 4.14 and a beta of 1.02. The firm’s 50 day moving average price is $281.92 and its 200-day moving average price is $284.42. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same period last year, the business posted $1.01 earnings per share. The company’s quarterly revenue was up 18.8% on a year-over-year basis. As a group, equities research analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on CDNS shares. Oppenheimer assumed coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price objective for the company. Berenberg Bank started coverage on Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price target for the company. Needham & Company LLC lowered their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Loop Capital assumed coverage on Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 target price for the company. Finally, Robert W. Baird lifted their price target on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $326.00.

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.