Atlantic Union Bankshares Corp Decreases Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Atlantic Union Bankshares Corp lessened its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 44.4% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,867 shares of the software maker's stock after selling 1,492 shares during the period. Atlantic Union Bankshares Corp's holdings in Cadence Design Systems were worth $475,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Norges Bank acquired a new position in Cadence Design Systems in the fourth quarter worth about $1,170,209,000. GAMMA Investing LLC grew its position in Cadence Design Systems by 31,049.1% during the 1st quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker's stock worth $309,835,000 after purchasing an additional 1,214,330 shares in the last quarter. Jennison Associates LLC grew its holdings in shares of Cadence Design Systems by 13.2% during the 1st quarter. Jennison Associates LLC now owns 9,064,953 shares of the software maker's stock valued at $2,305,489,000 after acquiring an additional 1,054,702 shares in the last quarter. Schroder Investment Management Group boosted its holdings in Cadence Design Systems by 53.1% in the fourth quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker's stock worth $623,105,000 after purchasing an additional 716,041 shares in the last quarter. Finally, FMR LLC lifted its position in Cadence Design Systems by 8.7% during the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock worth $2,397,266,000 after acquiring an additional 639,146 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company's stock.

Insider Activity at Cadence Design Systems

In related news, Director Ita M. Brennan sold 180 shares of the business's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total value of $54,720.00. Following the completion of the transaction, the director owned 8,010 shares in the company, valued at $2,435,040. The trade was a 2.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director James D. Plummer sold 868 shares of the company's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $319.95, for a total value of $277,716.60. Following the transaction, the director directly owned 23,996 shares of the company's stock, valued at $7,677,520.20. This represents a 3.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,975 shares of company stock valued at $6,114,587. Corporate insiders own 1.99% of the company's stock.

Cadence Design Systems Trading Down 1.6%

Shares of CDNS opened at $315.57 on Monday. The company has a market capitalization of $86.16 billion, a P/E ratio of 79.89, a P/E/G ratio of 4.38 and a beta of 0.99. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $330.09. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.90 and a current ratio of 3.07. The stock has a 50-day moving average price of $308.81 and a 200 day moving average price of $287.83.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.50 by $0.07. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. The business's revenue for the quarter was up 23.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.17 EPS. Sell-side analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on CDNS shares. Rosenblatt Securities upped their price objective on shares of Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a research report on Tuesday, April 29th. Wall Street Zen cut shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Sunday. The Goldman Sachs Group initiated coverage on shares of Cadence Design Systems in a report on Thursday, July 10th. They issued a "buy" rating and a $380.00 price target for the company. Bank of America raised their price objective on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Finally, Loop Capital lifted their price objective on shares of Cadence Design Systems from $340.00 to $370.00 and gave the company a "buy" rating in a research report on Monday, July 14th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $330.07.

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.

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