Silvercrest Asset Management Group LLC Increases Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Silvercrest Asset Management Group LLC lifted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 25.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,817 shares of the software maker’s stock after purchasing an additional 3,038 shares during the quarter. Silvercrest Asset Management Group LLC’s holdings in Cadence Design Systems were worth $4,612,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of CDNS. Norges Bank purchased a new position in Cadence Design Systems during the fourth quarter valued at approximately $1,141,059,000. BNP Paribas Financial Markets raised its position in Cadence Design Systems by 58.1% during the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock valued at $396,470,000 after acquiring an additional 468,195 shares in the last quarter. Jennison Associates LLC raised its position in Cadence Design Systems by 6.9% during the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after acquiring an additional 459,603 shares in the last quarter. 1832 Asset Management L.P. raised its position in Cadence Design Systems by 111.5% during the first quarter. 1832 Asset Management L.P. now owns 856,410 shares of the software maker’s stock valued at $266,583,000 after acquiring an additional 451,530 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in Cadence Design Systems by 1.8% during the first quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock valued at $7,763,496,000 after acquiring an additional 437,101 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS traded down $5.96 during trading on Tuesday, reaching $253.09. The stock had a trading volume of 1,505,664 shares, compared to its average volume of 1,622,198. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. The business has a fifty day moving average price of $300.45 and a 200-day moving average price of $298.25. The stock has a market cap of $69.30 billion, a PE ratio of 67.46, a PEG ratio of 3.11 and a beta of 1.03. Cadence Design Systems, Inc. has a 1-year low of $217.77 and a 1-year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. The firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The business’s revenue was up 8.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.94 earnings per share. On average, equities analysts forecast that Cadence Design Systems, Inc. will post 4.74 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently weighed in on CDNS shares. Piper Sandler reiterated a “neutral” rating and set a $318.00 price target on shares of Cadence Design Systems in a research report on Wednesday, July 10th. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research report on Monday, April 22nd. KeyCorp boosted their price objective on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Bank of America boosted their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Finally, StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $334.56.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the business’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $275,360.00. Following the transaction, the vice president now owns 67,144 shares of the company’s stock, valued at $18,488,771.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, VP Chin-Chi Teng sold 32,184 shares of the business’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $297.45, for a total value of $9,573,130.80. Following the sale, the vice president now owns 95,408 shares in the company, valued at approximately $28,379,109.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Paul Cunningham sold 1,000 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total value of $275,360.00. Following the completion of the sale, the vice president now owns 67,144 shares in the company, valued at approximately $18,488,771.84. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 50,134 shares of company stock valued at $14,987,093. Insiders own 1.99% of the company’s stock.

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.