TIAA Trust National Association Purchases 70 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

TIAA Trust National Association boosted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,369 shares of the software maker’s stock after purchasing an additional 70 shares during the period. TIAA Trust National Association’s holdings in Cadence Design Systems were worth $737,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of CDNS. Norges Bank bought a new stake in shares of Cadence Design Systems during the fourth quarter valued at approximately $1,141,059,000. BNP Paribas Financial Markets raised its stake in shares of Cadence Design Systems by 58.1% during the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock valued at $396,470,000 after acquiring an additional 468,195 shares in the last quarter. Jennison Associates LLC raised its stake in shares of Cadence Design Systems by 6.9% during the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after acquiring an additional 459,603 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Cadence Design Systems by 261.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock valued at $169,022,000 after acquiring an additional 448,918 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Cadence Design Systems by 1.8% during the first quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock valued at $7,763,496,000 after acquiring an additional 437,101 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

CDNS has been the subject of several research analyst reports. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Piper Sandler reissued a “neutral” rating and set a $318.00 price objective on shares of Cadence Design Systems in a report on Wednesday, July 10th. Bank of America lifted their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Robert W. Baird lifted their price objective on shares of Cadence Design Systems from $322.00 to $341.00 and gave the company an “outperform” rating in a report on Tuesday, July 2nd. Finally, KeyCorp lifted their price objective on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $334.89.

Insider Transactions at Cadence Design Systems

In other news, VP Chin-Chi Teng sold 32,184 shares of Cadence Design Systems stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the completion of the sale, the vice president now directly owns 95,408 shares in the company, valued at $28,379,109.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, VP Chin-Chi Teng sold 32,184 shares of Cadence Design Systems stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the completion of the sale, the vice president now directly owns 95,408 shares in the company, valued at $28,379,109.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $165,216.00. Following the sale, the senior vice president now owns 20,480 shares of the company’s stock, valued at $5,639,372.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 50,134 shares of company stock worth $14,987,093. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Up 0.8 %

NASDAQ CDNS traded up $2.12 on Friday, hitting $279.95. The stock had a trading volume of 2,607,527 shares, compared to its average volume of 1,519,109. The business’s fifty day moving average price is $302.82 and its 200 day moving average price is $297.62. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. Cadence Design Systems, Inc. has a 52-week low of $217.77 and a 52-week high of $328.99. The stock has a market cap of $76.26 billion, a price-to-earnings ratio of 72.90, a price-to-earnings-growth ratio of 3.43 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. During the same period in the previous year, the company earned $1.02 earnings per share. The business’s revenue for the quarter was down 1.2% on a year-over-year basis. Equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current year.

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.