Maridea Wealth Management LLC grew its position in Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) by 24.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,341 shares of the software maker’s stock after purchasing an additional 1,642 shares during the quarter. Maridea Wealth Management LLC’s holdings in Cadence Design Systems were worth $2,318,000 as of its most recent filing with the SEC.
Several other large investors also recently modified their holdings of the company. Norges Bank acquired a new stake in Cadence Design Systems during the 4th quarter worth about $1,352,922,000. J. Stern & Co. LLP lifted its stake in shares of Cadence Design Systems by 10,159.3% in the 4th quarter. J. Stern & Co. LLP now owns 2,953,256 shares of the software maker’s stock valued at $923,129,000 after purchasing an additional 2,924,470 shares during the period. Wellington Management Group LLP lifted its stake in shares of Cadence Design Systems by 218.6% in the 4th quarter. Wellington Management Group LLP now owns 2,553,225 shares of the software maker’s stock valued at $798,087,000 after purchasing an additional 1,751,927 shares during the period. Assenagon Asset Management S.A. boosted its position in shares of Cadence Design Systems by 120.9% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,124,417 shares of the software maker’s stock valued at $351,470,000 after purchasing an additional 615,440 shares in the last quarter. Finally, Scge Management L.P. bought a new stake in shares of Cadence Design Systems during the 2nd quarter valued at about $187,663,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.
Cadence Design Systems Stock Performance
Shares of Cadence Design Systems stock opened at $377.27 on Friday. Cadence Design Systems, Inc. has a one year low of $262.75 and a one year high of $416.69. The firm has a market capitalization of $104.06 billion, a price-to-earnings ratio of 87.94, a PEG ratio of 4.36 and a beta of 1.15. The business has a 50-day simple moving average of $364.23 and a 200 day simple moving average of $323.36. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.47 and a quick ratio of 1.32.
Insider Buying and Selling
In related news, CEO Anirudh Devgan sold 51,887 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $370.00, for a total value of $19,198,190.00. Following the transaction, the chief executive officer directly owned 303,525 shares in the company, valued at $112,304,250. This trade represents a 14.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Scannell sold 10,500 shares of the business’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $339.00, for a total transaction of $3,559,500.00. Following the sale, the vice president owned 33,946 shares of the company’s stock, valued at $11,507,694. This trade represents a 23.62% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 179,557 shares of company stock worth $67,205,642 over the last quarter. Corporate insiders own 0.49% of the company’s stock.
Analyst Upgrades and Downgrades
CDNS has been the subject of a number of research analyst reports. Stifel Nicolaus lifted their target price on Cadence Design Systems from $395.00 to $432.00 and gave the stock a “buy” rating in a report on Tuesday, June 9th. Rosenblatt Securities restated a “buy” rating and set a $360.00 price target on shares of Cadence Design Systems in a report on Friday, April 24th. Wells Fargo & Company raised their price objective on shares of Cadence Design Systems from $400.00 to $425.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 26th. Berenberg Bank set a $440.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, May 27th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $400.00 target price on shares of Cadence Design Systems in a research report on Tuesday, April 28th. Fourteen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $386.59.
Read Our Latest Research Report on Cadence Design Systems
Cadence Design Systems Company Profile
Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.
The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.
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