Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock Holdings Decreased by Geneva Capital Management LLC

Geneva Capital Management LLC lessened its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 78,470 shares of the software maker’s stock after selling 2,741 shares during the period. Geneva Capital Management LLC’s holdings in Cadence Design Systems were worth $21,373,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Jennison Associates LLC grew its position in shares of Cadence Design Systems by 8.7% during the 3rd quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock valued at $1,651,166,000 after buying an additional 564,085 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of Cadence Design Systems by 5.6% during the third quarter. Northern Trust Corp now owns 2,995,849 shares of the software maker’s stock valued at $701,927,000 after acquiring an additional 158,031 shares during the period. Invesco Ltd. grew its position in shares of Cadence Design Systems by 4.9% during the third quarter. Invesco Ltd. now owns 2,012,292 shares of the software maker’s stock worth $471,480,000 after acquiring an additional 93,984 shares during the last quarter. Nordea Investment Management AB boosted its stake in Cadence Design Systems by 124.8% during the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after purchasing an additional 1,052,228 shares during the period. Finally, Wellington Management Group LLP grew its holdings in Cadence Design Systems by 143.3% in the 3rd quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock worth $383,062,000 after buying an additional 962,987 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Piper Sandler decreased their target price on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research report on Tuesday, April 23rd. Robert W. Baird upped their price target on Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a report on Thursday, April 18th. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. KeyCorp upped their price objective on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Finally, Wells Fargo & Company boosted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $326.11.

Insider Activity

In related news, VP Thomas P. Beckley sold 65,268 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the transaction, the vice president now owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $186,276.00. Following the completion of the transaction, the senior vice president now directly owns 21,080 shares of the company’s stock, valued at approximately $6,544,496.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the transaction, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. Over the last three months, insiders sold 173,066 shares of company stock valued at $52,199,975. 0.62% of the stock is owned by company insiders.

Cadence Design Systems Stock Up 1.0 %

Shares of NASDAQ:CDNS traded up $2.71 during midday trading on Thursday, hitting $285.28. 1,001,204 shares of the stock were exchanged, compared to its average volume of 1,560,060. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32. The business’s fifty day simple moving average is $300.59 and its two-hundred day simple moving average is $283.21. The company has a market capitalization of $77.63 billion, a PE ratio of 74.29, a P/E/G ratio of 3.32 and a beta of 1.06. Cadence Design Systems, Inc. has a 52-week low of $198.92 and a 52-week high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. During the same quarter in the previous year, the business earned $1.02 EPS. The business’s revenue was down 1.2% on a year-over-year basis. As a group, research analysts predict that Cadence Design Systems, Inc. will post 4.78 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.