Ethic Inc. Has $9.75 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Ethic Inc. lifted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 10.0% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 32,446 shares of the software maker's stock after acquiring an additional 2,958 shares during the period. Ethic Inc.'s holdings in Cadence Design Systems were worth $9,749,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of CDNS. Golden State Wealth Management LLC bought a new stake in Cadence Design Systems during the 4th quarter valued at $28,000. Ancora Advisors LLC lifted its holdings in Cadence Design Systems by 1,400.0% in the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after purchasing an additional 112 shares during the period. Avalon Trust Co acquired a new stake in Cadence Design Systems in the fourth quarter worth about $39,000. OFI Invest Asset Management acquired a new stake in Cadence Design Systems in the fourth quarter worth about $46,000. Finally, Synergy Investment Management LLC acquired a new stake in Cadence Design Systems in the fourth quarter worth about $50,000. Institutional investors own 84.85% of the company's stock.

Cadence Design Systems Stock Up 0.2%

NASDAQ CDNS traded up $0.56 during trading on Wednesday, reaching $319.22. 744,063 shares of the company's stock were exchanged, compared to its average volume of 1,968,218. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $328.99. The firm has a market capitalization of $87.16 billion, a PE ratio of 82.70, a P/E/G ratio of 3.88 and a beta of 1.04. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The company's fifty day simple moving average is $267.19 and its 200-day simple moving average is $285.60.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, beating analysts' consensus estimates of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the previous year, the firm posted $1.17 earnings per share. The firm's revenue was up 23.1% on a year-over-year basis. Sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CDNS. StockNews.com cut shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. Mizuho lifted their price target on Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a research report on Tuesday, April 29th. Rosenblatt Securities lifted their price target on Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a research report on Tuesday, April 29th. Piper Sandler lifted their price target on Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a research report on Wednesday, February 19th. Finally, Oppenheimer dropped their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a research report on Wednesday, March 19th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Cadence Design Systems currently has an average rating of "Moderate Buy" and an average target price of $322.54.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Scannell sold 4,710 shares of the firm's stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the completion of the sale, the vice president now directly owns 28,442 shares of the company's stock, valued at $8,532,600. This trade represents a 14.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Anirudh Devgan sold 10,737 shares of the firm's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $310.00, for a total value of $3,328,470.00. Following the sale, the chief executive officer now directly owns 209,548 shares of the company's stock, valued at $64,959,880. This trade represents a 4.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 17,577 shares of company stock valued at $5,316,411. 1.99% of the stock is owned by 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.