Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by Tower Research Capital LLC TRC

Tower Research Capital LLC TRC grew its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 43.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,791 shares of the software maker's stock after purchasing an additional 6,595 shares during the quarter. Tower Research Capital LLC TRC's holdings in Cadence Design Systems were worth $6,547,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in CDNS. Norges Bank bought a new position in Cadence Design Systems during the fourth quarter worth about $1,170,209,000. Schroder Investment Management Group boosted its stake in shares of Cadence Design Systems by 53.1% during the 4th quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker's stock valued at $623,105,000 after purchasing an additional 716,041 shares in the last quarter. FMR LLC boosted its holdings in shares of Cadence Design Systems by 8.7% during the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock valued at $2,397,266,000 after buying an additional 639,146 shares in the last quarter. Alliancebernstein L.P. boosted its position in shares of Cadence Design Systems by 12.5% in the 4th quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock worth $1,705,469,000 after purchasing an additional 632,175 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Cadence Design Systems during the 4th quarter valued at about $171,991,000. 84.85% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, VP Paul Cunningham sold 650 shares of the business's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $252.73, for a total transaction of $164,274.50. Following the transaction, the vice president now directly 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In the last three months, insiders sold 1,950 shares of company stock worth $518,499. Corporate insiders own 1.99% of the company's stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Mizuho decreased their price target on shares of Cadence Design Systems from $350.00 to $300.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. Oppenheimer reduced their price target on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a report on Wednesday, March 19th. Rosenblatt Securities raised their price target 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 target price on Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a research report on Wednesday, February 19th. Finally, Bank of America reduced 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 analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $321.00.

Cadence Design Systems Stock Performance

NASDAQ CDNS traded up $7.85 on Friday, reaching $289.63. 2,413,809 shares of the company's stock traded hands, compared to its average volume of 1,932,741. The stock has a 50 day moving average price of $254.75 and a 200-day moving average price of $281.98. The firm has a market cap of $79.45 billion, a price-to-earnings ratio of 75.03, a P/E/G ratio of 3.88 and a beta of 1.14. 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, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its 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 analyst estimates of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. Equities research analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

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.