Fiduciary Trust Co Purchases 586 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Fiduciary Trust Co increased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 18.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,717 shares of the software maker’s stock after purchasing an additional 586 shares during the period. Fiduciary Trust Co’s holdings in Cadence Design Systems were worth $1,117,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Cadence Design Systems by 0.8% in 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 buying an additional 201,340 shares in the last quarter. Jennison Associates LLC raised its holdings in 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 valued at $2,406,760,000 after acquiring an additional 404,076 shares in the last quarter. FMR LLC lifted its position in shares of Cadence Design Systems by 8.7% during the 4th 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 period. Geode Capital Management LLC increased its position in shares of 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 worth $1,806,019,000 after purchasing an additional 135,251 shares during the period. Finally, Alliancebernstein L.P. increased its position in shares of 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 period. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Price Performance

CDNS stock opened at $305.78 on Friday. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The firm has a market cap of $83.49 billion, a price-to-earnings ratio of 79.22, a PEG ratio of 3.88 and a beta of 1.04. The company’s fifty day simple moving average is $264.34 and its 200 day simple moving average is $284.76. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping the consensus estimate of $1.50 by $0.07. The business had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The firm’s revenue was up 23.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.17 earnings per share. On average, analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently issued reports on CDNS. Loop Capital reduced their price target 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. JPMorgan Chase & Co. upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $300.00 to $325.00 in a research note on Thursday, April 24th. Robert W. Baird raised their price objective on Cadence Design Systems from $293.00 to $325.00 and gave the company an “outperform” rating in a research note on Tuesday, April 29th. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Finally, Bank of America raised their price target on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, April 29th. One 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. According to MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus target price of $322.54.

Insiders Place Their Bets

In other Cadence Design Systems news, CEO Anirudh Devgan sold 10,737 shares of the firm’s stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $310.00, for a total value of $3,328,470.00. Following the completion of the sale, the chief executive officer now owns 209,548 shares of the company’s stock, valued at approximately $64,959,880. This trade represents a 4.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Paul Scannell sold 4,710 shares of Cadence Design Systems stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the completion of the sale, the vice president now directly owns 28,442 shares of the company’s stock, valued at approximately $8,532,600. The trade was a 14.21 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,577 shares of company stock worth $5,316,411. 0.37% of the stock is currently owned by company insiders.

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.