Corient Private Wealth LLC Has $50.27 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Corient Private Wealth LLC increased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 1.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 167,313 shares of the software maker's stock after buying an additional 1,691 shares during the quarter. Corient Private Wealth LLC owned 0.06% of Cadence Design Systems worth $50,271,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. MidAtlantic Capital Management Inc. acquired a new position in shares of Cadence Design Systems in the third quarter valued at $28,000. Golden State Wealth Management LLC acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at $28,000. Avalon Trust Co bought a new position in shares of Cadence Design Systems during the 4th quarter worth about $39,000. Versant Capital Management Inc increased its stake in Cadence Design Systems by 164.2% in the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock valued at $42,000 after acquiring an additional 87 shares during the period. Finally, Prestige Wealth Management Group LLC raised its position in Cadence Design Systems by 56.6% in the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker's stock worth $45,000 after purchasing an additional 60 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Mizuho upped their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a research note on Friday, December 13th. Bank of America dropped their price objective on Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating for the company in a research note on Wednesday, February 19th. Needham & Company LLC restated a "buy" rating and issued a $325.00 target price on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Loop Capital dropped their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a research report on Wednesday, February 19th. Finally, Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They issued an "overweight" rating and a $350.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $324.83.

Remove Ads

Cadence Design Systems Trading Up 1.5 %

CDNS traded up $3.92 during mid-day trading on Friday, reaching $262.42. The stock had a trading volume of 5,699,657 shares, compared to its average volume of 1,810,420. The firm's fifty day simple moving average is $278.74 and its two-hundred day simple moving average is $283.83. The stock has a market capitalization of $71.93 billion, a P/E ratio of 67.98, a P/E/G ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 52 week low of $230.09 and a 52 week high of $328.99. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (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 predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Buying and Selling

In related news, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares of the company's stock, valued at $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total value of $198,146.00. Following the completion of the transaction, the vice president now directly owns 59,311 shares in the company, valued at $18,080,365.24. The trade was a 1.08 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 101,021 shares of company stock valued at $31,229,155 over the last ninety days. Insiders own 1.99% of the company's stock.

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.