Simmons Bank Raises Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Simmons Bank lifted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 25.9% during the third quarter, HoldingsChannel.com reports. The fund owned 1,335 shares of the software maker’s stock after purchasing an additional 275 shares during the quarter. Simmons Bank’s holdings in Cadence Design Systems were worth $362,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the business. Swedbank AB acquired a new position in Cadence Design Systems in the 1st quarter valued at about $439,988,000. Principal Financial Group Inc. grew its stake in shares of Cadence Design Systems by 280.1% in the 2nd quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock valued at $467,676,000 after purchasing an additional 1,119,824 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of Cadence Design Systems by 26.1% in the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock valued at $689,472,000 after purchasing an additional 572,251 shares during the period. Meridiem Investment Management Ltd. purchased a new stake in shares of Cadence Design Systems during the third quarter worth approximately $129,285,000. Finally, 1832 Asset Management L.P. lifted its holdings in shares of Cadence Design Systems by 111.5% during the first quarter. 1832 Asset Management L.P. now owns 856,410 shares of the software maker’s stock worth $266,583,000 after purchasing an additional 451,530 shares during the period. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cadence Design Systems

In other news, CFO John M. Wall sold 10,000 shares of the firm’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 transaction of $2,659,100.00. Following the completion of the transaction, the chief financial officer now directly owns 38,654 shares of the company’s stock, valued at $10,278,485.14. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of the stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the sale, the chief financial officer now owns 38,654 shares in the company, valued at approximately $10,278,485.14. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Karna Nisewaner sold 1,213 shares of the business’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $279.49, for a total value of $339,021.37. Following the completion of the transaction, the senior vice president now directly owns 17,617 shares of the company’s stock, valued at approximately $4,923,775.33. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 16,847 shares of company stock valued at $4,556,656 over the last quarter. Corporate insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Mizuho started coverage on shares of Cadence Design Systems in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price objective on the stock. Berenberg Bank assumed coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target on the stock. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research report on Tuesday, August 6th. Robert W. Baird boosted their target price on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. 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 Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average price target of $326.00.

Cadence Design Systems Stock Up 2.9 %

CDNS opened at $306.47 on Thursday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The company has a market cap of $84.05 billion, a price-to-earnings ratio of 80.44, a PEG ratio of 3.64 and a beta of 1.02. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99. The business’s fifty day moving average is $271.56 and its two-hundred day moving average is $282.41.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same period in the previous year, the firm earned $1.01 EPS. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. Analysts anticipate that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

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.