Hills Bank & Trust Co Makes New Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Hills Bank & Trust Co bought a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 968 shares of the software maker’s stock, valued at approximately $262,000.

A number of other institutional investors and hedge funds also recently modified their holdings of CDNS. Vanguard Group Inc. boosted its stake in Cadence Design Systems by 1.8% in the first quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock valued at $7,763,496,000 after acquiring an additional 437,101 shares during the last quarter. Jennison Associates LLC lifted its stake in Cadence Design Systems by 6.9% in the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after purchasing an additional 459,603 shares during the last quarter. Legal & General Group Plc grew its holdings in Cadence Design Systems by 1.8% during the second quarter. Legal & General Group Plc now owns 2,509,136 shares of the software maker’s stock valued at $772,187,000 after purchasing an additional 43,654 shares during the period. Van ECK Associates Corp increased its position in Cadence Design Systems by 10.5% in the second quarter. Van ECK Associates Corp now owns 2,195,714 shares of the software maker’s stock worth $675,731,000 after buying an additional 209,301 shares during the last quarter. Finally, Nordea Investment Management AB raised its stake in shares of Cadence Design Systems by 7.7% in the first quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock valued at $636,172,000 after buying an additional 145,351 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $276.24, for a total transaction of $414,360.00. Following the completion of the sale, the director now owns 45,051 shares of the company’s stock, valued at approximately $12,444,888.24. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $276.24, for a total transaction of $414,360.00. Following the completion of the transaction, the director now owns 45,051 shares of the company’s stock, valued at $12,444,888.24. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO John M. Wall sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the transaction, the chief financial officer now owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 27,697 shares of company stock worth $7,555,216 in the last ninety days. 1.99% of the stock is owned by company insiders.

Analysts Set New Price Targets

CDNS has been the subject of several research reports. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a research note on Tuesday, August 6th. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday. Mizuho started coverage on shares of Cadence Design Systems in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price target on the stock. Robert W. Baird lifted their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday. Finally, Oppenheimer assumed coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $323.17.

Cadence Design Systems Stock Up 2.2 %

Shares of CDNS opened at $282.09 on Friday. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 1.32. The stock has a 50 day simple moving average of $267.18 and a two-hundred day simple moving average of $281.86. The firm has a market cap of $77.24 billion, a P/E ratio of 74.04, a P/E/G ratio of 3.55 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating the consensus estimate of $1.44 by $0.20. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.01 EPS. On average, analysts forecast that Cadence Design Systems, Inc. will post 4.75 earnings per share 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.