Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by Fifth Third Wealth Advisors LLC

Fifth Third Wealth Advisors LLC lifted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 32.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,637 shares of the software maker's stock after purchasing an additional 1,864 shares during the period. Fifth Third Wealth Advisors LLC's holdings in Cadence Design Systems were worth $1,942,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank acquired a new position in Cadence Design Systems during the fourth quarter valued at approximately $1,170,209,000. GAMMA Investing LLC raised its holdings in Cadence Design Systems by 31,049.1% during the first quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker's stock worth $309,835,000 after buying an additional 1,214,330 shares during the last quarter. Schroder Investment Management Group boosted its position in shares of Cadence Design Systems by 53.1% during the fourth quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker's stock valued at $623,105,000 after buying an additional 716,041 shares during the last quarter. FMR LLC grew its position in Cadence Design Systems by 8.7% during the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock valued at $2,397,266,000 after buying an additional 639,146 shares during the period. Finally, Alliancebernstein L.P. increased its holdings in Cadence Design Systems by 12.5% in the 4th quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock worth $1,705,469,000 after acquiring an additional 632,175 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cadence Design Systems

In related news, Director James D. Plummer sold 868 shares of the firm'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 completion of the transaction, the director now owns 23,996 shares of the company's stock, valued at $7,677,520.20. This trade represents a 3.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Paul Cunningham sold 650 shares of the company's stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total transaction of $164,216.00. Following the completion of the transaction, the vice president now owns 108,799 shares of the company's stock, valued at approximately $27,486,979.36. This trade represents a 0.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,445 shares of company stock worth $5,615,733 over the last quarter. Insiders own 1.99% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on CDNS. Piper Sandler lifted their price target on Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 19th. Needham & Company LLC restated a "buy" rating and issued a $325.00 target price on shares of Cadence Design Systems in a report on Tuesday, May 13th. Oppenheimer dropped their price objective on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research note on Wednesday, March 19th. Wall Street Zen cut Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. Finally, Mizuho upped their price objective on Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $325.23.

Cadence Design Systems Trading Up 2.3%

NASDAQ:CDNS traded up $6.88 during mid-day trading on Thursday, hitting $301.28. 672,719 shares of the stock traded hands, compared to its average volume of 2,180,398. The stock has a market capitalization of $82.26 billion, a price-to-earnings ratio of 77.98, a PEG ratio of 3.88 and a beta of 1.04. The firm's 50 day moving average is $284.78 and its two-hundred day moving average is $287.52. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53.

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