Fifth Third Bancorp Has $13.23 Million Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Fifth Third Bancorp lessened its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 2.7% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 52,013 shares of the software maker's stock after selling 1,452 shares during the period. Fifth Third Bancorp's holdings in Cadence Design Systems were worth $13,228,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Ancora Advisors LLC raised its position in shares of Cadence Design Systems by 1,400.0% during 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 shares of Cadence Design Systems during the fourth quarter worth $39,000. OFI Invest Asset Management acquired a new stake in shares of Cadence Design Systems during the fourth quarter worth $46,000. Synergy Investment Management LLC acquired a new stake in shares of Cadence Design Systems during the fourth quarter worth $50,000. Finally, Center for Financial Planning Inc. acquired a new stake in shares of Cadence Design Systems during the fourth quarter worth $59,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CDNS has been the topic of a number of recent analyst reports. Loop Capital cut their target price on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a research report on Wednesday, February 19th. KeyCorp lifted their price target on Cadence Design Systems from $355.00 to $375.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. Robert W. Baird lifted their price target on Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a 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 report on Wednesday, February 19th. Finally, Oppenheimer lowered their price target on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a report on Wednesday, March 19th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, Cadence Design Systems has a consensus rating of "Moderate Buy" and a consensus target price of $325.23.

Insider Transactions at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 10,737 shares of the company's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the completion of the sale, the chief executive officer now owns 209,548 shares in the company, valued at approximately $64,959,880. This represents a 4.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Paul Scannell sold 4,710 shares of the company's stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $300.00, for a total value of $1,413,000.00. Following the sale, the vice president now owns 28,442 shares of the company's stock, valued at approximately $8,532,600. This trade represents a 14.21% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,625 shares of company stock worth $5,670,453. 0.37% of the stock is owned by corporate insiders.

Cadence Design Systems Stock Down 2.5%

NASDAQ CDNS traded down $7.85 on Friday, reaching $300.00. The stock had a trading volume of 1,188,835 shares, compared to its average volume of 2,023,501. The business has a 50 day moving average price of $292.59 and a 200 day moving average price of $287.24. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $328.99. The company has a market capitalization of $81.91 billion, a price-to-earnings ratio of 77.72, a P/E/G ratio of 3.88 and a beta of 0.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its earnings results 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 return on equity of 29.24% and a net margin of 22.74%. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter in the previous year, the company posted $1.17 earnings per share. The business's quarterly revenue was up 23.1% compared to the same quarter last year. On average, analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

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.