Kayne Anderson Rudnick Investment Management LLC Boosts Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Kayne Anderson Rudnick Investment Management LLC lifted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 160,811 shares of the software maker’s stock after acquiring an additional 13,580 shares during the period. Kayne Anderson Rudnick Investment Management LLC owned 0.06% of Cadence Design Systems worth $48,317,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Mirabella Financial Services LLP acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at about $1,184,000. Mirova lifted its holdings in shares of Cadence Design Systems by 90.0% during the 4th quarter. Mirova now owns 12,564 shares of the software maker’s stock valued at $3,775,000 after acquiring an additional 5,951 shares in the last quarter. MML Investors Services LLC boosted its position in Cadence Design Systems by 3.7% during the 4th quarter. MML Investors Services LLC now owns 76,748 shares of the software maker’s stock worth $23,060,000 after purchasing an additional 2,770 shares during the period. MetLife Investment Management LLC increased its holdings in Cadence Design Systems by 1.2% in the 4th quarter. MetLife Investment Management LLC now owns 84,579 shares of the software maker’s stock valued at $25,413,000 after purchasing an additional 988 shares in the last quarter. Finally, Natixis raised its position in Cadence Design Systems by 345.3% in the fourth quarter. Natixis now owns 127,480 shares of the software maker’s stock valued at $38,303,000 after purchasing an additional 98,853 shares during the period. 84.85% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total transaction of $164,216.00. Following the sale, the vice president now directly owns 108,799 shares in the company, valued at approximately $27,486,979.36. This represents a 0.59 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 1,950 shares of company stock valued at $518,499 over the last quarter. Insiders own 0.37% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $260.22 on Monday. The stock has a market capitalization of $71.38 billion, a PE ratio of 67.41, a price-to-earnings-growth ratio of 3.88 and a beta of 1.14. The business’s fifty day moving average price is $257.23 and its 200 day moving average price is $282.25. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month 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). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Oppenheimer dropped their target price on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research report on Wednesday, March 19th. Piper Sandler increased their price target on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Rosenblatt Securities lifted their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Finally, Loop Capital reduced their target price on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $320.67.

Cadence Design Systems 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.