Envestnet Asset Management Inc. Raises Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Envestnet Asset Management Inc. increased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 49.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,012,507 shares of the software maker's stock after purchasing an additional 334,694 shares during the period. Envestnet Asset Management Inc. owned 0.37% of Cadence Design Systems worth $304,218,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Principal Financial Group Inc. increased its holdings in shares of Cadence Design Systems by 33.0% in the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker's stock worth $547,886,000 after purchasing an additional 501,833 shares during the last quarter. HighTower Advisors LLC increased its stake in Cadence Design Systems by 3.4% in the 3rd quarter. HighTower Advisors LLC now owns 41,916 shares of the software maker's stock worth $11,388,000 after acquiring an additional 1,393 shares during the last quarter. IHT Wealth Management LLC raised its holdings in shares of Cadence Design Systems by 41.5% during the 3rd quarter. IHT Wealth Management LLC now owns 1,466 shares of the software maker's stock worth $394,000 after acquiring an additional 430 shares in the last quarter. Kovitz Investment Group Partners LLC boosted its position in shares of Cadence Design Systems by 99.5% during the 3rd quarter. Kovitz Investment Group Partners LLC now owns 6,894 shares of the software maker's stock valued at $1,868,000 after acquiring an additional 3,438 shares during the last quarter. Finally, Insigneo Advisory Services LLC grew its holdings in shares of Cadence Design Systems by 3.0% in the third quarter. Insigneo Advisory Services LLC now owns 1,732 shares of the software maker's stock valued at $469,000 after purchasing an additional 50 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

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Cadence Design Systems Trading Up 1.1 %

Cadence Design Systems stock traded up $2.86 during trading hours on Friday, hitting $256.88. The company had a trading volume of 558,298 shares, compared to its average volume of 1,938,570. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The firm has a market cap of $70.47 billion, a P/E ratio of 66.53, a P/E/G ratio of 3.88 and a beta of 1.14. The company has a 50-day moving average price of $262.24 and a two-hundred day moving average price of $282.53. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year 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). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. On average, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Wall Street Analyst Weigh In

CDNS has been the subject of several research reports. Mizuho increased their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a research report on Friday, December 13th. StockNews.com lowered Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Redburn Atlantic initiated coverage on Cadence Design Systems in a report on Monday, January 13th. They issued a "buy" rating and a $350.00 target price for the company. Piper Sandler increased 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. Finally, Bank of America dropped their price objective on shares of 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. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $324.83.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total value of $190,008.00. Following the completion of the sale, the vice president now directly owns 58,773 shares in the company, valued at $17,180,523.36. This trade represents a 1.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders have sold 1,950 shares of company stock valued at $518,499. 1.99% of the stock is currently owned by corporate insiders.

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.