Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by Citizens Financial Group Inc. RI

Citizens Financial Group Inc. RI raised its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 80.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,058 shares of the software maker's stock after buying an additional 3,595 shares during the period. Citizens Financial Group Inc. RI's holdings in Cadence Design Systems were worth $2,421,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Missouri Trust & Investment Co purchased a new position in Cadence Design Systems in the 3rd quarter worth approximately $27,000. MidAtlantic Capital Management Inc. bought a new position in shares of Cadence Design Systems in the third quarter worth approximately $28,000. Golden State Wealth Management LLC purchased a new position in shares of Cadence Design Systems in the fourth quarter worth $28,000. Versant Capital Management Inc boosted its position in Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock valued at $42,000 after buying an additional 87 shares during the period. Finally, Prestige Wealth Management Group LLC raised its position in Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker's stock valued at $45,000 after purchasing an additional 60 shares during the last quarter. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Price Performance

NASDAQ:CDNS traded up $1.94 on Thursday, reaching $241.16. 1,259,708 shares of the company's stock traded hands, compared to its average volume of 1,779,250. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 12 month low of $230.09 and a 12 month high of $328.99. The stock has a 50-day simple moving average of $284.77 and a 200-day simple moving average of $284.56. The firm has a market cap of $66.10 billion, a PE ratio of 62.32, a P/E/G ratio of 3.88 and a beta of 1.05.

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Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) 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 company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insider Activity at Cadence Design Systems

In related news, VP Paul Scannell sold 3,171 shares of the business's stock in a transaction on Friday, December 13th. The stock was sold at an average price of $305.78, for a total transaction of $969,628.38. Following the completion of the transaction, the vice president now owns 14,318 shares in the company, valued at $4,378,158.04. The trade was a 18.13 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the company's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $252.73, for a total transaction of $164,274.50. Following the completion of the transaction, the vice president now owns 58,123 shares in the company, valued at approximately $14,689,425.79. The trade was a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 108,416 shares of company stock worth $33,504,126. Insiders own 0.62% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on CDNS shares. StockNews.com lowered Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Bank of America cut their target price on Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating on the stock in a research note on Wednesday, February 19th. Wells Fargo & Company began coverage on Cadence Design Systems in a research report on Friday, November 22nd. They issued an "overweight" rating and a $350.00 price target for the company. Loop Capital cut their price objective on shares of 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. Finally, Mizuho lifted their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an "outperform" rating in a report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $326.92.

Cadence Design Systems Company 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.