Everence Capital Management Inc. Has $3.53 Million Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Everence Capital Management Inc. lifted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 10.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 12,964 shares of the software maker’s stock after acquiring an additional 1,220 shares during the quarter. Everence Capital Management Inc.’s holdings in Cadence Design Systems were worth $3,531,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Cibc World Market Inc. boosted its stake in Cadence Design Systems by 2.7% in the 1st quarter. Cibc World Market Inc. now owns 21,529 shares of the software maker’s stock valued at $3,541,000 after purchasing an additional 571 shares during the period. Prudential PLC acquired a new position in Cadence Design Systems in the 1st quarter valued at $1,160,000. Loomis Sayles & Co. L P raised its holdings in Cadence Design Systems by 1,030.1% in the 1st quarter. Loomis Sayles & Co. L P now owns 2,780 shares of the software maker’s stock valued at $457,000 after acquiring an additional 2,534 shares in the last quarter. Zions Bancorporation N.A. raised its holdings in Cadence Design Systems by 108.3% in the 1st quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock valued at $37,000 after acquiring an additional 117 shares in the last quarter. Finally, NewEdge Advisors LLC raised its holdings in Cadence Design Systems by 26.8% in the 1st quarter. NewEdge Advisors LLC now owns 16,231 shares of the software maker’s stock valued at $2,669,000 after acquiring an additional 3,433 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 4,500 shares of the company’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $300.00, for a total value of $1,350,000.00. Following the sale, the director now owns 54,683 shares in the company, valued at approximately $16,404,900. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 4,500 shares of the company’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $300.00, for a total value of $1,350,000.00. Following the sale, the director now owns 54,683 shares in the company, valued at approximately $16,404,900. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $310.46, for a total value of $186,276.00. Following the completion of the sale, the senior vice president now owns 21,080 shares in the company, valued at approximately $6,544,496.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 212,044 shares of company stock worth $63,106,522. Insiders own 0.62% of the company’s stock.

Cadence Design Systems Price Performance

CDNS stock traded down $0.75 during midday trading on Tuesday, reaching $300.81. 1,631,940 shares of the stock were exchanged, compared to its average volume of 1,480,328. The stock has a market capitalization of $81.89 billion, a PE ratio of 78.94, a P/E/G ratio of 3.72 and a beta of 1.04. Cadence Design Systems, Inc. has a 52 week low of $194.01 and a 52 week high of $327.36. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13. The company has a fifty day moving average price of $306.57 and a 200 day moving average price of $278.78.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.05. The business had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.06 billion. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. Cadence Design Systems’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.75 EPS. As a group, analysts expect that Cadence Design Systems, Inc. will post 4.82 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Stifel Nicolaus lifted their price objective on Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, February 13th. Rosenblatt Securities cut Cadence Design Systems from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $265.00 to $280.00 in a report on Tuesday, February 13th. Needham & Company LLC reissued a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a report on Wednesday, March 6th. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. Finally, Piper Sandler assumed coverage on Cadence Design Systems in a report on Thursday, April 4th. They set a “neutral” rating and a $334.00 price target for the company. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $316.10.

Cadence Design Systems 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.