Principal Street Partners LLC Acquires 37 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Principal Street Partners LLC raised its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,455 shares of the software maker’s stock after buying an additional 37 shares during the quarter. Principal Street Partners LLC’s holdings in Cadence Design Systems were worth $437,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Principal Financial Group Inc. boosted its stake in Cadence Design Systems by 10.7% in the 4th quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker’s stock worth $672,300,000 after purchasing an additional 216,075 shares during the period. Pittenger & Anderson Inc. boosted its position in shares of Cadence Design Systems by 50.1% during the fourth quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker’s stock worth $1,589,000 after buying an additional 1,766 shares during the period. Meridiem Investment Management Ltd. boosted its position in shares of Cadence Design Systems by 64.3% during the fourth quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker’s stock worth $235,625,000 after buying an additional 306,887 shares during the period. Nisa Investment Advisors LLC raised its position in Cadence Design Systems by 132.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock valued at $41,850,000 after buying an additional 79,268 shares during the last quarter. Finally, Citizens Financial Group Inc. RI lifted its stake in Cadence Design Systems by 80.6% in the 4th quarter. Citizens Financial Group Inc. RI now owns 8,058 shares of the software maker’s stock valued at $2,421,000 after acquiring an additional 3,595 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 10,737 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the transaction, the chief executive officer now owns 209,548 shares in the company, valued at $64,959,880. This trade represents a 4.87% decrease in their position. The transaction was disclosed in a 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 dated 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 of the company’s stock, valued at approximately $2,038,025. The trade was a 2.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 17,577 shares of company stock valued at $5,316,411 in the last three months. 1.99% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CDNS. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $300.00 to $325.00 in a research note on Thursday, April 24th. Mizuho raised their target price on shares of Cadence Design Systems from $300.00 to $325.00 and gave the company an “outperform” rating in a research report on Tuesday, April 29th. Rosenblatt Securities boosted their price target on shares of Cadence Design Systems from $295.00 to $300.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 29th. Robert W. Baird increased their price objective on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 29th. Finally, Piper Sandler lifted their target price on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $325.23.

Cadence Design Systems Stock Performance

CDNS opened at $320.30 on Tuesday. 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 12-month low of $221.56 and a 12-month high of $328.99. The business has a 50 day moving average of $273.78 and a 200-day moving average of $286.86. The stock has a market cap of $87.46 billion, a price-to-earnings ratio of 82.98, a PEG ratio of 3.88 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the firm posted $1.17 EPS. The company’s quarterly revenue was up 23.1% on a year-over-year basis. On average, equities research analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

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.