Cadence Design Systems, Inc. (NASDAQ:CDNS) is Moran Wealth Management LLC's 7th Largest Position

Moran Wealth Management LLC cut its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 2.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 156,946 shares of the software maker's stock after selling 3,493 shares during the period. Cadence Design Systems accounts for about 1.5% of Moran Wealth Management LLC's holdings, making the stock its 7th biggest position. Moran Wealth Management LLC owned approximately 0.06% of Cadence Design Systems worth $47,156,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the business. Swedbank AB boosted its stake in shares of Cadence Design Systems by 15.1% during the third quarter. Swedbank AB now owns 1,753,814 shares of the software maker's stock worth $475,336,000 after buying an additional 230,672 shares during the period. Impax Asset Management Group plc raised its stake in Cadence Design Systems by 20.9% during the 3rd quarter. Impax Asset Management Group plc now owns 1,374,531 shares of the software maker's stock valued at $371,719,000 after acquiring an additional 237,495 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Cadence Design Systems by 33.0% in the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker's stock valued at $547,886,000 after purchasing an additional 501,833 shares during the last quarter. CWA Asset Management Group LLC acquired a new position in shares of Cadence Design Systems in the third quarter valued at approximately $1,213,000. Finally, Verdence Capital Advisors LLC purchased a new stake in shares of Cadence Design Systems during the third quarter worth approximately $413,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CDNS has been the topic of several recent research reports. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They issued an "overweight" rating and a $350.00 price objective on the stock. Loop Capital dropped their target price on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a research report on Wednesday, February 19th. Piper Sandler raised 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. StockNews.com lowered Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. Finally, Robert W. Baird reduced their target price on Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating for the company in a report on Thursday, February 20th. One 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. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $326.92.

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Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $243.21 on Monday. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The stock has a market cap of $66.67 billion, a price-to-earnings ratio of 63.01, a PEG ratio of 3.88 and a beta of 1.05. The company's 50-day moving average price is $288.68 and its 200 day moving average price is $285.45. Cadence Design Systems, Inc. has a 52 week low of $233.72 and a 52 week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share 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 for the quarter, compared to analysts' expectations of $1.35 billion. As a group, research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Anirudh Devgan sold 5,920 shares of the firm's stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total value of $1,799,916.80. Following the sale, the chief executive officer now directly owns 55,874 shares of the company's stock, valued at approximately $16,987,930.96. This trade represents a 9.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total transaction of $198,146.00. Following the completion of the transaction, the vice president now owns 59,311 shares in the company, valued at approximately $18,080,365.24. This trade represents a 1.08 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock worth $33,504,126 over the last three months. 1.99% of the stock is currently owned by corporate insiders.

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.

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