Lyell Wealth Management LP Boosts Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• Lyell Wealth Management LP increased its stake in Cadence Design Systems by 7.1%, acquiring an additional 3,198 shares and holding a total of 47,982 shares now valued at approximately $12.2 million.
• Cadence Design Systems reported earnings per share (EPS) of $1.65 for the last quarter, surpassing analyst expectations of $1.56, with year-over-year revenue growth of 20.2%.
• Analyst recommendations for Cadence Design Systems show a consensus rating of "Moderate Buy" with price targets raised by several firms, including an increase from $358 to $405 by KeyCorp.

Lyell Wealth Management LP increased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 7.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 47,982 shares of the software maker's stock after buying an additional 3,198 shares during the period. Cadence Design Systems accounts for 1.1% of Lyell Wealth Management LP's holdings, making the stock its 29th biggest position. Lyell Wealth Management LP's holdings in Cadence Design Systems were worth $12,203,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in CDNS. Jennison Associates LLC raised its stake in shares of Cadence Design Systems by 13.2% in the first 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. FMR LLC increased its holdings 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 purchasing an additional 639,146 shares during the period. Geode Capital Management LLC raised its position in Cadence Design Systems by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker's stock valued at $1,806,019,000 after purchasing an additional 135,251 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Cadence Design Systems by 10.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,416,269 shares of the software maker's stock worth $1,326,912,000 after buying an additional 427,418 shares in the last quarter. Finally, Northern Trust Corp grew its position in shares of Cadence Design Systems by 16.1% during the fourth quarter. Northern Trust Corp now owns 3,032,957 shares of the software maker's stock worth $911,282,000 after buying an additional 421,507 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Cadence Design Systems

In related news, Director Ita M. Brennan sold 180 shares of the company'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 completion of the sale, the director directly owned 8,010 shares in the company, valued at $2,435,040. This represents a 2.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Paul Cunningham sold 1,000 shares of the company's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $306.35, for a total transaction of $306,350.00. Following the completion of the transaction, the vice president owned 105,499 shares of the company's stock, valued at $32,319,618.65. This trade represents a 0.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,698 shares of company stock worth $1,126,667. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS traded down $7.60 during trading on Friday, hitting $356.97. 2,070,008 shares of the company were exchanged, compared to its average volume of 1,879,031. The company has a quick ratio of 2.90, a current ratio of 2.82 and a debt-to-equity ratio of 0.49. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $376.45. The company has a market capitalization of $97.27 billion, a P/E ratio of 69.31, a price-to-earnings-growth ratio of 4.68 and a beta of 0.97. The business's 50 day moving average is $313.43 and its 200-day moving average is $290.80.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings data on Monday, July 28th. The software maker reported $1.65 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.09. The company had revenue of $1.28 billion during 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 for the quarter was up 20.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.28 earnings per share. Equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CDNS. Stifel Nicolaus increased their price objective on Cadence Design Systems from $350.00 to $395.00 and gave the stock a "buy" rating in a research report on Tuesday. Robert W. Baird increased their price objective on Cadence Design Systems from $340.00 to $380.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. Bank of America increased their target price on Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. Loop Capital increased their target price on Cadence Design Systems from $370.00 to $390.00 and gave the stock a "buy" rating in a research note on Tuesday. Finally, The Goldman Sachs Group initiated coverage on Cadence Design Systems in a research note on Thursday, July 10th. They set a "buy" rating and a $380.00 target price for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $364.33.

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.