Venturi Wealth Management LLC Grows Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Venturi Wealth Management LLC raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 21.8% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 1,000 shares of the software maker’s stock after purchasing an additional 179 shares during the period. Venturi Wealth Management LLC’s holdings in Cadence Design Systems were worth $300,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Principal Financial Group Inc. raised its position in Cadence Design Systems by 10.7% in the 4th quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker’s stock valued at $672,300,000 after purchasing an additional 216,075 shares during the last quarter. Pittenger & Anderson Inc. raised its holdings in shares of Cadence Design Systems by 50.1% in the fourth quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker’s stock valued at $1,589,000 after buying an additional 1,766 shares during the last quarter. Meridiem Investment Management Ltd. boosted its stake in shares of Cadence Design Systems by 64.3% during the fourth quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker’s stock worth $235,625,000 after buying an additional 306,887 shares during the period. Nisa Investment Advisors LLC boosted its stake in shares of Cadence Design Systems by 132.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock worth $41,850,000 after buying an additional 79,268 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Cadence Design Systems by 48.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after buying an additional 310,250 shares during the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CDNS has been the subject of a number of recent research reports. Mizuho increased their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Redburn Atlantic assumed coverage on Cadence Design Systems in a report on Monday, January 13th. They set a “buy” rating and a $350.00 price target for the company. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective on the stock. Robert W. Baird cut their price objective on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, Piper Sandler lifted their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $326.92.

Insider Buying and Selling

In other news, CEO Anirudh Devgan sold 5,920 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total value of $1,799,916.80. Following the completion of the transaction, the chief executive officer now owns 55,874 shares in the company, valued at $16,987,930.96. This trade represents a 9.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $306.19, for a total value of $199,023.50. Following the transaction, the vice president now directly owns 60,461 shares of the company’s stock, valued at $18,512,553.59. This trade represents a 1.06 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 108,416 shares of company stock valued at $33,538,875. 1.99% of the stock is owned by insiders.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $270.39 on Friday. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. The company has a 50-day simple moving average of $302.27 and a 200-day simple moving average of $287.07. The company has a market capitalization of $74.16 billion, a PE ratio of 70.05, a P/E/G ratio of 3.48 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last issued 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 company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 30.20%. Equities research analysts predict that Cadence Design Systems, Inc. will post 5.57 earnings per share for the current fiscal year.

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.