Corient Private Wealth LLC Grows Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Corient Private Wealth LLC raised its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 167,313 shares of the software maker’s stock after purchasing an additional 1,691 shares during the quarter. Corient Private Wealth LLC owned 0.06% of Cadence Design Systems worth $50,271,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in CDNS. MidAtlantic Capital Management Inc. purchased a new stake in Cadence Design Systems in the 3rd quarter valued at about $28,000. Golden State Wealth Management LLC bought a new position in Cadence Design Systems in the fourth quarter worth approximately $28,000. Avalon Trust Co purchased a new position in Cadence Design Systems during the 4th quarter worth $39,000. Versant Capital Management Inc raised its position in Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after purchasing an additional 87 shares in the last quarter. Finally, Prestige Wealth Management Group LLC lifted its holdings in shares of Cadence Design Systems by 56.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after buying an additional 60 shares during the period. 84.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CDNS has been the subject of several recent research reports. 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 boosted their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Needham & Company LLC reiterated a “buy” rating and set a $325.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective for the company. Finally, Robert W. Baird dropped their target price on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $326.92.

Cadence Design Systems Stock Performance

CDNS opened at $255.11 on Tuesday. The company has a market cap of $69.93 billion, a P/E ratio of 66.09, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. 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 firm’s 50-day moving average price is $281.46 and its 200-day moving average price is $284.30. Cadence Design Systems, Inc. has a 52-week low of $230.09 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results 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 during 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%. As a group, equities analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 5,920 shares of Cadence Design Systems 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 completion of the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $16,987,930.96. The trade was a 9.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total transaction of $198,146.00. Following the completion of the sale, the vice president now owns 59,311 shares in the company, valued at $18,080,365.24. The trade was a 1.08 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 105,245 shares of company stock worth $32,534,498. 1.99% of the stock is currently owned by insiders.

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.