Trillium Asset Management LLC Grows Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• Trillium Asset Management LLC increased its holdings in Cadence Design Systems by 14.0% to 91,267 shares, valued at approximately $23.21 million, during the 1st quarter of 2023.
• Major institutional investors have significantly boosted their stakes in Cadence, with GAMMA Investing LLC increasing its stake by a remarkable 31,049.1%, now owning 1.2 million shares worth about $309.84 million.
• Analysts have raised their price targets for Cadence Design Systems, with a consensus target now set at $364.33, indicating a strong bullish outlook for the stock.

Trillium Asset Management LLC boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 14.0% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 91,267 shares of the software maker's stock after acquiring an additional 11,237 shares during the period. Trillium Asset Management LLC's holdings in Cadence Design Systems were worth $23,212,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in CDNS. Brighton Jones LLC raised its position in Cadence Design Systems by 80.2% during the fourth quarter. Brighton Jones LLC now owns 1,519 shares of the software maker's stock worth $456,000 after acquiring an additional 676 shares during the period. Highview Capital Management LLC DE boosted its stake in Cadence Design Systems by 2.7% during the fourth quarter. Highview Capital Management LLC DE now owns 6,304 shares of the software maker's stock worth $1,894,000 after buying an additional 163 shares during the period. Townsquare Capital LLC lifted its position in shares of Cadence Design Systems by 8.7% during the fourth quarter. Townsquare Capital LLC now owns 5,068 shares of the software maker's stock worth $1,523,000 after purchasing an additional 404 shares in the last quarter. Sagespring Wealth Partners LLC acquired a new stake in shares of Cadence Design Systems during the fourth quarter worth about $642,000. Finally, Summit Investment Advisors Inc. lifted its position in shares of Cadence Design Systems by 3.5% during the fourth quarter. Summit Investment Advisors Inc. now owns 11,398 shares of the software maker's stock worth $3,425,000 after purchasing an additional 386 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on CDNS shares. The Goldman Sachs Group started coverage on shares of Cadence Design Systems in a report on Thursday, July 10th. They issued a "buy" rating and a $380.00 target price on the stock. Needham & Company LLC raised their price objective on shares of Cadence Design Systems from $325.00 to $390.00 and gave the stock a "buy" rating in a report on Tuesday, July 29th. Rosenblatt Securities restated a "neutral" rating and set a $300.00 target price on shares of Cadence Design Systems in a research report on Friday, July 25th. Loop Capital raised their target price on shares of Cadence Design Systems from $370.00 to $390.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. Finally, Mizuho lifted their price objective on shares of Cadence Design Systems from $360.00 to $375.00 and gave the company an "outperform" rating in a research report on Tuesday, July 29th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $364.33.

Insider Activity

In related news, Director Ita M. Brennan sold 180 shares of the stock in a transaction that occurred 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 owned 8,010 shares of the company's stock, valued at approximately $2,435,040. This represents a 2.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 1,000 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $358.72, for a total transaction of $358,720.00. Following the sale, the vice president directly owned 104,499 shares of the company's stock, valued at approximately $37,485,881.28. This trade represents a 0.95% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 3,830 shares of company stock valued at $1,207,671 in the last three months. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS traded up $0.96 during midday trading on Friday, hitting $349.88. 1,565,301 shares of the stock were exchanged, compared to its average volume of 2,051,416. The stock has a market cap of $95.34 billion, a P/E ratio of 94.56, a PEG ratio of 4.58 and a beta of 0.97. The company has a current ratio of 2.82, a quick ratio of 2.67 and a debt-to-equity ratio of 0.49. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $376.45. The company has a 50 day moving average price of $323.83 and a 200-day moving average price of $293.66.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.09. The business had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.25 billion. Cadence Design Systems had a return on equity of 29.65% and a net margin of 19.88%. The business's revenue was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.28 EPS. On average, research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

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.