Nuveen LLC Takes Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• Nuveen LLC acquired over 1.1 million shares of Cadence Design Systems, valued at approximately $289.7 million, representing about 0.42% of the company's total stock.
• Multiple institutional investors, including GAMMA Investing LLC and Jennison Associates LLC, significantly increased their stakes in Cadence Design Systems during the 1st quarter, collectively owning a substantial 84.85% of the company.
• Analysts have mixed ratings on Cadence Design Systems, with recent price targets ranging from $350.00 to $405.00, suggesting a general consensus of "Moderate Buy."

Nuveen LLC purchased a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 1,139,245 shares of the software maker's stock, valued at approximately $289,744,000. Nuveen LLC owned about 0.42% of Cadence Design Systems as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Brighton Jones LLC raised its position in Cadence Design Systems by 80.2% during the 4th quarter. Brighton Jones LLC now owns 1,519 shares of the software maker's stock worth $456,000 after purchasing an additional 676 shares during the last quarter. Highview Capital Management LLC DE raised its position in Cadence Design Systems by 2.7% during the 4th quarter. Highview Capital Management LLC DE now owns 6,304 shares of the software maker's stock worth $1,894,000 after purchasing an additional 163 shares during the last quarter. Cerity Partners LLC grew its holdings in Cadence Design Systems by 10.3% during the 4th quarter. Cerity Partners LLC now owns 16,798 shares of the software maker's stock worth $4,815,000 after acquiring an additional 1,573 shares during the period. Scotia Capital Inc. grew its holdings in Cadence Design Systems by 196.3% during the 4th quarter. Scotia Capital Inc. now owns 6,755 shares of the software maker's stock worth $2,030,000 after acquiring an additional 4,475 shares during the period. Finally, Rockefeller Capital Management L.P. grew its holdings in Cadence Design Systems by 13.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 215,493 shares of the software maker's stock worth $64,749,000 after acquiring an additional 24,964 shares during the period. 84.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Wells Fargo & Company increased their price target on Cadence Design Systems from $365.00 to $405.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. JPMorgan Chase & Co. increased their price target on Cadence Design Systems from $330.00 to $390.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. Piper Sandler reiterated a "neutral" rating and set a $355.00 price target (up from $328.00) on shares of Cadence Design Systems in a report on Tuesday, July 29th. Loop Capital raised their target price on Cadence Design Systems from $370.00 to $390.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. Finally, Berenberg Bank set a $400.00 target price on Cadence Design Systems in a research note on Wednesday, July 30th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $364.33.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS traded up $4.52 during mid-day trading on Tuesday, reaching $353.61. The company had a trading volume of 1,263,038 shares, compared to its average volume of 1,964,507. The company has a current ratio of 2.82, a quick ratio of 2.67 and a debt-to-equity ratio of 0.49. The firm has a market cap of $96.36 billion, a price-to-earnings ratio of 95.57, a PEG ratio of 4.58 and a beta of 0.97. The company's 50-day moving average price is $321.68 and its 200-day moving average price is $292.87. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $376.45.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings results on Monday, July 28th. The software maker reported $1.65 EPS for the quarter, topping analysts' consensus estimates of $1.56 by $0.09. The company had revenue of $1.28 billion for the quarter, compared to analysts' expectations of $1.25 billion. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. Cadence Design Systems's revenue was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.28 EPS. As a group, equities research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the business's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total transaction of $54,720.00. Following the sale, the director owned 8,010 shares of the company's stock, valued at $2,435,040. The trade was a 2.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director James D. Plummer sold 868 shares of the business's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $319.95, for a total transaction of $277,716.60. Following the sale, the director directly owned 23,996 shares in the company, valued at $7,677,520.20. The trade was a 3.49% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,698 shares of company stock valued at $1,485,387 in the last 90 days. 0.37% of the stock is currently owned by company insiders.

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.