Silvercrest Asset Management Group LLC Has $14.49 Million Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Silvercrest Asset Management Group LLC grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 5.9% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 48,233 shares of the software maker's stock after buying an additional 2,672 shares during the quarter. Silvercrest Asset Management Group LLC's holdings in Cadence Design Systems were worth $14,492,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Golden State Wealth Management LLC acquired a new position in Cadence Design Systems in the fourth quarter valued at about $28,000. Ancora Advisors LLC grew its position in Cadence Design Systems by 1,400.0% during the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after acquiring an additional 112 shares during the last quarter. Avalon Trust Co acquired a new stake in Cadence Design Systems during the 4th quarter valued at $39,000. OFI Invest Asset Management bought a new position in Cadence Design Systems in the 4th quarter valued at $46,000. Finally, Synergy Investment Management LLC acquired a new position in Cadence Design Systems in the fourth quarter worth $50,000. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Trading Down 0.9%

Shares of NASDAQ:CDNS traded down $3.00 during midday trading on Wednesday, hitting $317.55. The company had a trading volume of 1,869,304 shares, compared to its average volume of 1,979,657. The stock has a market cap of $86.70 billion, a price-to-earnings ratio of 82.27, a PEG ratio of 3.88 and a beta of 1.04. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $328.99. The firm has a fifty day simple moving average of $275.36 and a 200 day simple moving average of $287.10. 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 (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping the consensus estimate 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 business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the business posted $1.17 EPS. The firm's revenue was up 23.1% compared to the same quarter last year. On average, analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on CDNS shares. Oppenheimer lowered their target price 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. Mizuho boosted their target price on shares of Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. Piper Sandler increased their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a research note on Wednesday, February 19th. Bank of America upped their price objective on Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Finally, StockNews.com cut Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. One equities research 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's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $325.23.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total transaction of $164,274.50. Following the completion of the sale, the vice president now owns 58,123 shares of the company's stock, valued at $14,689,425.79. This represents a 1.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ita M. Brennan sold 180 shares of the business's stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $275.00, for a total transaction of $49,500.00. Following the completion of the sale, the director now directly owns 7,411 shares in the company, valued at $2,038,025. This represents a 2.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,445 shares of company stock worth $5,594,127. Company insiders own 1.99% of the company's stock.

Cadence Design Systems Company 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.