South Plains Financial Inc. Acquires New Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS)

South Plains Financial Inc. acquired a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 3,519 shares of the software maker's stock, valued at approximately $1,057,000.

Other large investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Cadence Design Systems by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker's stock valued at $7,784,674,000 after purchasing an additional 201,340 shares in the last quarter. Jennison Associates LLC grew its position in shares of Cadence Design Systems by 5.3% in the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker's stock worth $2,406,760,000 after buying an additional 404,076 shares during the last quarter. FMR LLC lifted 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 acquiring an additional 639,146 shares during the last quarter. Geode Capital Management LLC boosted its stake in Cadence Design Systems by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker's stock valued at $1,806,019,000 after acquiring an additional 135,251 shares in the last quarter. Finally, Alliancebernstein L.P. grew its holdings in Cadence Design Systems by 12.5% in the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock worth $1,705,469,000 after purchasing an additional 632,175 shares during the last quarter. Institutional investors own 84.85% of the company's stock.

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $297.74 on Thursday. 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, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99. The stock's 50-day moving average price is $256.20 and its 200-day moving average price is $282.41. The stock has a market capitalization of $81.67 billion, a PE ratio of 77.13, a price-to-earnings-growth ratio of 3.88 and a beta of 1.14.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.24 billion. During the same period in the previous year, the business earned $1.17 earnings per share. The business's revenue was up 23.1% compared to the same quarter last year. As a group, equities analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other news, Director Ita M. Brennan sold 180 shares of the stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $275.00, for a total value 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $252.73, for a total transaction of $164,274.50. Following the completion of the transaction, the vice president now directly owns 58,123 shares in the company, valued at approximately $14,689,425.79. This represents a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,130 shares of company stock valued at $567,999 over the last ninety days. Corporate insiders own 1.99% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Oppenheimer lowered their price objective on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research report on Wednesday, March 19th. Loop Capital dropped their target price on shares of 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. Needham & Company LLC reissued a "buy" rating and issued a $325.00 target price on shares of Cadence Design Systems in a research report on Tuesday. Mizuho lifted their target price on Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday. Finally, StockNews.com cut shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. 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's stock. Based on data from MarketBeat, Cadence Design Systems presently has an average rating of "Moderate Buy" and an average price target of $322.54.

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.

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