Greenleaf Trust Acquires 54 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Greenleaf Trust boosted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,290 shares of the software maker’s stock after buying an additional 54 shares during the quarter. Greenleaf Trust’s holdings in Cadence Design Systems were worth $3,892,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in CDNS. Norges Bank bought a new position in Cadence Design Systems in the 4th quarter valued at approximately $770,945,000. Alliancebernstein L.P. raised its holdings in Cadence Design Systems by 620.0% in the 4th quarter. Alliancebernstein L.P. now owns 2,954,303 shares of the software maker’s stock valued at $474,579,000 after buying an additional 2,543,966 shares during the last quarter. Moneta Group Investment Advisors LLC bought a new position in Cadence Design Systems in the 4th quarter valued at approximately $227,854,000. Nordea Investment Management AB raised its holdings in Cadence Design Systems by 124.8% during the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock worth $515,995,000 after purchasing an additional 1,052,228 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in Cadence Design Systems by 143.3% during the 3rd 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. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $280.25 on Friday. The company has a fifty day simple moving average of $305.52 and a 200 day simple moving average of $279.70. Cadence Design Systems, Inc. has a 12-month low of $194.01 and a 12-month high of $327.36. The company has a current ratio of 1.24, a quick ratio of 1.13 and a debt-to-equity ratio of 0.09. The company has a market cap of $76.30 billion, a P/E ratio of 73.36, a PEG ratio of 3.47 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.05. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The business had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter last year, the firm posted $0.75 EPS. Cadence Design Systems’s revenue was up 18.8% compared to the same quarter last year. Sell-side analysts predict that Cadence Design Systems, Inc. will post 4.82 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have issued reports on CDNS. Morgan Stanley upgraded shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. Wells Fargo & Company raised their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Tuesday. Rosenblatt Securities lowered shares of Cadence Design Systems from a “buy” rating to a “neutral” rating and raised their price target for the stock from $265.00 to $280.00 in a report on Tuesday, February 13th. Finally, KeyCorp raised their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $318.10.

Insider Activity at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total value of $449,130.00. Following the completion of the sale, the director now owns 53,183 shares of the company’s stock, valued at approximately $15,924,053.86. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the transaction, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total transaction of $449,130.00. Following the transaction, the director now directly owns 53,183 shares in the company, valued at $15,924,053.86. The disclosure for this sale can be found here. In the last 90 days, insiders sold 177,544 shares of company stock valued at $53,581,207. 1.99% of the stock is owned by company insiders.

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.