Truist Financial Corp Has $76.20 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Truist Financial Corp increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.5% in the 4th quarter, Holdings Channel reports. The firm owned 279,780 shares of the software maker’s stock after purchasing an additional 12,129 shares during the period. Truist Financial Corp’s holdings in Cadence Design Systems were worth $76,204,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Nordea Investment Management AB increased its position in shares of Cadence Design Systems by 124.8% during the fourth quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after purchasing an additional 1,052,228 shares during the period. Wellington Management Group LLP grew its holdings in shares of Cadence Design Systems by 143.3% during the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock worth $383,062,000 after purchasing an additional 962,987 shares during the last quarter. Jennison Associates LLC grew its holdings in shares of Cadence Design Systems by 8.7% during the third quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock worth $1,651,166,000 after purchasing an additional 564,085 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Cadence Design Systems by 261.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock worth $169,022,000 after purchasing an additional 448,918 shares during the last quarter. Finally, International Assets Investment Management LLC grew its holdings in shares of Cadence Design Systems by 26,060.9% during the fourth quarter. International Assets Investment Management LLC now owns 278,090 shares of the software maker’s stock worth $757,430,000 after purchasing an additional 277,027 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Trading Up 1.9 %

Shares of Cadence Design Systems stock traded up $5.33 during trading hours on Friday, hitting $282.41. The company’s stock had a trading volume of 2,141,655 shares, compared to its average volume of 1,576,006. Cadence Design Systems, Inc. has a 12 month low of $198.92 and a 12 month high of $327.36. The stock has a 50 day moving average of $303.85 and a 200 day moving average of $281.19. The company has a market capitalization of $76.85 billion, a PE ratio of 73.54, a price-to-earnings-growth ratio of 3.26 and a beta of 1.04. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.13.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same period in the prior year, the company earned $1.02 earnings per share. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. Analysts predict that Cadence Design Systems, Inc. will post 4.78 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CDNS has been the topic of several research analyst reports. Robert W. Baird increased their target price on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a report on Thursday, April 18th. Stifel Nicolaus upped their price target on Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research note on Monday, April 22nd. StockNews.com raised Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Wednesday. Finally, Piper Sandler cut their price target on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research note on Tuesday. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $326.11.

Insider Buying and Selling

In related news, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the transaction, the vice president now directly owns 156,156 shares in the company, valued at $46,375,208.88. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total transaction of $449,130.00. Following the completion of the transaction, the director now directly owns 53,183 shares in the company, valued at $15,924,053.86. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the transaction, the vice president now owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The disclosure for this sale can be found here. Over the last three months, insiders sold 173,044 shares of company stock worth $52,231,207. 1.99% of the stock is owned by corporate insiders.

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.