Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Parkside Financial Bank & Trust

Parkside Financial Bank & Trust grew its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 8.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 514 shares of the software maker’s stock after purchasing an additional 38 shares during the quarter. Parkside Financial Bank & Trust’s holdings in Cadence Design Systems were worth $140,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Highview Capital Management LLC DE grew its position in Cadence Design Systems by 0.8% in the 4th quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock worth $1,411,000 after purchasing an additional 39 shares during the last quarter. BSW Wealth Partners boosted its holdings in shares of Cadence Design Systems by 2.8% in the fourth quarter. BSW Wealth Partners now owns 1,624 shares of the software maker’s stock valued at $442,000 after acquiring an additional 44 shares in the last quarter. Lindbrook Capital LLC boosted its holdings in shares of Cadence Design Systems by 2.5% in the third quarter. Lindbrook Capital LLC now owns 1,844 shares of the software maker’s stock valued at $432,000 after acquiring an additional 45 shares in the last quarter. Savant Capital LLC boosted its holdings in shares of Cadence Design Systems by 2.7% in the third quarter. Savant Capital LLC now owns 1,733 shares of the software maker’s stock valued at $406,000 after acquiring an additional 45 shares in the last quarter. Finally, First Trust Direct Indexing L.P. boosted its holdings in shares of Cadence Design Systems by 1.0% in the third quarter. First Trust Direct Indexing L.P. now owns 4,658 shares of the software maker’s stock valued at $1,091,000 after acquiring an additional 47 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insiders Place Their Bets

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $308.83, for a total value of $463,245.00. Following the completion of the sale, the director now owns 50,183 shares in the company, valued at approximately $15,498,015.89. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $308.83, for a total value of $463,245.00. Following the completion of the sale, the director now owns 50,183 shares in the company, valued at approximately $15,498,015.89. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Paul Cunningham sold 1,000 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $310,460.00. Following the completion of the sale, the vice president now owns 68,144 shares of the company’s stock, valued at approximately $21,155,986.24. The disclosure for this sale can be found here. Insiders sold a total of 173,044 shares of company stock worth $52,231,207 in the last quarter. 1.99% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CDNS. Wells Fargo & Company increased their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. Morgan Stanley upgraded shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $260.00 to $350.00 in a report on Wednesday, February 14th. Piper Sandler cut their target price on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research note on Tuesday. KeyCorp increased their target price on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Finally, Rosenblatt Securities reissued a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Monday. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $316.50.

Cadence Design Systems Stock Down 1.5 %

Shares of NASDAQ:CDNS opened at $277.66 on Thursday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.13 and a current ratio of 1.32. The company has a market cap of $75.59 billion, a PE ratio of 72.31, a price-to-earnings-growth ratio of 3.43 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 firm has a 50 day simple moving average of $304.38 and a 200 day simple moving average of $280.97.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same quarter in the prior year, the firm earned $1.02 EPS. The firm’s quarterly revenue was down 1.2% on a year-over-year basis. As a group, research analysts expect that Cadence Design Systems, Inc. will post 4.81 earnings per share for the current 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.