GeoWealth Management LLC Has $588,000 Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

GeoWealth Management LLC lifted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 29.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,956 shares of the software maker’s stock after purchasing an additional 440 shares during the quarter. GeoWealth Management LLC’s holdings in Cadence Design Systems were worth $588,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Cadence Design Systems by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker’s stock valued at $7,784,674,000 after purchasing an additional 201,340 shares during the last quarter. Jennison Associates LLC increased its stake in Cadence Design Systems by 5.3% in the fourth quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock valued at $2,406,760,000 after acquiring an additional 404,076 shares during the last quarter. FMR LLC raised its holdings in shares of Cadence Design Systems by 8.7% during the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock valued at $2,397,266,000 after buying an additional 639,146 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Cadence Design Systems by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker’s stock worth $1,806,019,000 after acquiring an additional 135,251 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its stake in Cadence Design Systems by 12.5% in the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker’s stock worth $1,705,469,000 after purchasing an additional 632,175 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on CDNS shares. Piper Sandler raised their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. Redburn Atlantic initiated coverage on Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 target price for the company. Oppenheimer reduced their price objective on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research report on Wednesday, March 19th. Bank of America lowered their price target on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Finally, 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 report on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $320.67.

Cadence Design Systems Stock Up 0.4 %

Cadence Design Systems stock opened at $260.22 on Monday. The firm’s 50 day moving average price is $257.23 and its two-hundred day moving average price is $282.25. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $328.99. The firm has a market cap of $71.38 billion, a PE ratio of 67.41, a P/E/G ratio of 3.88 and a beta of 1.14.

Cadence Design Systems (NASDAQ:CDNS) last released its 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 business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. On average, research analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Activity

In other news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the sale, the vice president now directly owns 58,123 shares of the company’s stock, 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 filing with the SEC, which is available at this link. Insiders have sold 1,950 shares of company stock worth $518,499 in the last 90 days. Corporate insiders own 0.37% of the company’s stock.

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.