SVB Wealth LLC Buys 391 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

SVB Wealth LLC lifted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,173 shares of the software maker’s stock after buying an additional 391 shares during the quarter. SVB Wealth LLC’s holdings in Cadence Design Systems were worth $1,954,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Cibc World Market Inc. grew its position in shares of Cadence Design Systems by 2.7% during the 1st quarter. Cibc World Market Inc. now owns 21,529 shares of the software maker’s stock valued at $3,541,000 after purchasing an additional 571 shares in the last quarter. Prudential PLC purchased a new position in shares of Cadence Design Systems during the first quarter worth about $1,160,000. Loomis Sayles & Co. L P increased its position in shares of Cadence Design Systems by 1,030.1% in the first quarter. Loomis Sayles & Co. L P now owns 2,780 shares of the software maker’s stock worth $457,000 after purchasing an additional 2,534 shares during the last quarter. Zions Bancorporation N.A. lifted its position in Cadence Design Systems by 108.3% during the first quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock valued at $37,000 after purchasing an additional 117 shares during the last quarter. Finally, NewEdge Advisors LLC grew its stake in Cadence Design Systems by 26.8% in the 1st quarter. NewEdge Advisors LLC now owns 16,231 shares of the software maker’s stock worth $2,669,000 after buying an additional 3,433 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $293.71 on Thursday. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09. Cadence Design Systems, Inc. has a twelve month low of $194.01 and a twelve month high of $327.36. The stock has a market cap of $79.96 billion, a P/E ratio of 76.89, a price-to-earnings-growth ratio of 3.65 and a beta of 1.04. The firm’s fifty day simple moving average is $306.58 and its 200 day simple moving average is $279.35.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.05. The company had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.06 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. Cadence Design Systems’s quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.75 earnings per share. As a group, research analysts predict that Cadence Design Systems, Inc. will post 4.82 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CDNS. Rosenblatt Securities downgraded shares of Cadence Design Systems from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $265.00 to $280.00 in a report on Tuesday, February 13th. Wells Fargo & Company boosted their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday. Stifel Nicolaus boosted their price target on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, February 13th. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Tuesday. Finally, Morgan Stanley upgraded Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $260.00 to $350.00 in a research report on Wednesday, February 14th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus price target of $316.10.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total value of $449,130.00. Following the completion of the transaction, the director now owns 53,183 shares in the company, valued at $15,924,053.86. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The stock was 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 owns 21,080 shares of the company’s stock, valued at approximately $6,544,496.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total value of $449,130.00. Following the completion of the sale, the director now directly owns 53,183 shares in the company, valued at $15,924,053.86. The disclosure for this sale can be found here. Insiders have sold 177,544 shares of company stock worth $53,581,207 over the last ninety days. 1.99% of the stock is owned by corporate insiders.

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.