Fmr LLC Increases Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

FMR LLC lifted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 8.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,978,652 shares of the software maker's stock after acquiring an additional 639,146 shares during the quarter. FMR LLC owned approximately 2.91% of Cadence Design Systems worth $2,397,266,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Avior Wealth Management LLC grew its stake in Cadence Design Systems by 12.4% in the 4th quarter. Avior Wealth Management LLC now owns 326 shares of the software maker's stock valued at $98,000 after purchasing an additional 36 shares during the period. Lindbrook Capital LLC boosted its holdings in shares of Cadence Design Systems by 1.7% in the 4th quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker's stock worth $670,000 after buying an additional 38 shares during the last quarter. Oarsman Capital Inc. grew its position in Cadence Design Systems by 3.8% during the fourth quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker's stock valued at $313,000 after buying an additional 38 shares during the period. Empower Advisory Group LLC increased its holdings in Cadence Design Systems by 4.9% during the fourth quarter. Empower Advisory Group LLC now owns 875 shares of the software maker's stock worth $263,000 after buying an additional 41 shares during the last quarter. Finally, Marcum Wealth LLC raised its position in Cadence Design Systems by 4.1% in the fourth quarter. Marcum Wealth LLC now owns 1,123 shares of the software maker's stock worth $337,000 after acquiring an additional 44 shares during the period. Hedge funds and other institutional investors own 84.85% of the company's stock.

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Insider Buying and Selling

In other news, VP Paul Cunningham sold 650 shares of the business's stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $292.32, for a total transaction of $190,008.00. Following the completion of the transaction, the vice president now owns 58,773 shares of the company's stock, valued at approximately $17,180,523.36. The trade was a 1.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 1,950 shares of company stock worth $518,499 over the last ninety days. 1.99% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on CDNS. Needham & Company LLC restated a "buy" rating and set a $325.00 price target on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Rosenblatt Securities boosted their target price on Cadence Design Systems from $280.00 to $295.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Piper Sandler increased their price target on Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 19th. Bank of America lowered their price objective 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. Finally, Mizuho upped their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a report on Friday, December 13th. One 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 MarketBeat.com, Cadence Design Systems presently has an average rating of "Moderate Buy" and an average target price of $324.83.

Cadence Design Systems Price Performance

NASDAQ:CDNS traded up $3.74 during mid-day trading on Friday, hitting $257.76. 626,071 shares of the stock traded hands, compared to its average volume of 1,938,913. The business's 50-day moving average price is $262.24 and its 200 day moving average price is $282.53. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The company has a market cap of $70.71 billion, a PE ratio of 66.52, a price-to-earnings-growth ratio of 3.88 and a beta of 1.14. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $328.99.

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

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.