Zacks Investment Management Grows Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Zacks Investment Management grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 6.7% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 101,123 shares of the software maker's stock after buying an additional 6,391 shares during the period. Zacks Investment Management's holdings in Cadence Design Systems were worth $30,384,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Golden State Wealth Management LLC acquired a new position in shares of Cadence Design Systems during the 4th quarter worth about $28,000. Avalon Trust Co acquired a new position in Cadence Design Systems in the 4th quarter valued at $39,000. Versant Capital Management Inc raised its stake in Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock worth $42,000 after purchasing an additional 87 shares in the last quarter. OFI Invest Asset Management bought a new stake in shares of Cadence Design Systems during the 4th quarter valued at $46,000. Finally, Synergy Investment Management LLC bought a new position in Cadence Design Systems in the 4th quarter valued at about $50,000. 84.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total transaction of $164,216.00. Following the completion of the transaction, the vice president now owns 108,799 shares in the company, valued at $27,486,979.36. This represents a 0.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 1,950 shares of company stock worth $518,499 in the last 90 days. 0.37% of the stock is owned by company insiders.

Cadence Design Systems Stock Performance

Shares of CDNS traded down $8.83 during trading hours on Monday, hitting $251.39. The company's stock had a trading volume of 302,833 shares, compared to its average volume of 1,944,237. The company has a market cap of $68.96 billion, a price-to-earnings ratio of 65.13, a PEG ratio of 3.88 and a beta of 1.14. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The business has a 50 day simple moving average of $257.23 and a two-hundred day simple moving average of $282.25. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate of $1.82 by ($0.33). The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. On average, equities analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Oppenheimer dropped their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a report on Wednesday, March 19th. Piper Sandler lifted their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a report on Wednesday, February 19th. Redburn Atlantic started coverage on Cadence Design Systems in a research note on Monday, January 13th. They set a "buy" rating and a $350.00 price target for the company. Rosenblatt Securities lifted their target price on Cadence Design Systems from $280.00 to $295.00 and gave the company a "neutral" rating in a research report on Wednesday, February 19th. Finally, Bank of America dropped their price target on shares of Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating on the stock in a research report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $320.67.

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.