Fifth Third Wealth Advisors LLC Increases Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Fifth Third Wealth Advisors LLC boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.2% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 5,773 shares of the software maker’s stock after purchasing an additional 234 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in Cadence Design Systems were worth $1,735,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Oppenheimer & Co. Inc. increased its holdings in shares of Cadence Design Systems by 7.8% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 5,237 shares of the software maker’s stock worth $1,612,000 after buying an additional 377 shares during the last quarter. Brown Brothers Harriman & Co. lifted its position in shares of Cadence Design Systems by 72.5% during the second quarter. Brown Brothers Harriman & Co. now owns 2,856 shares of the software maker’s stock worth $879,000 after purchasing an additional 1,200 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Cadence Design Systems by 7.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 596,897 shares of the software maker’s stock valued at $183,705,000 after buying an additional 42,895 shares during the period. Citizens Financial Group Inc. RI purchased a new position in Cadence Design Systems in the second quarter valued at $1,330,000. Finally, Mutual of America Capital Management LLC grew its position in shares of Cadence Design Systems by 8.0% during the second quarter. Mutual of America Capital Management LLC now owns 38,519 shares of the software maker’s stock worth $11,854,000 after buying an additional 2,849 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Robert W. Baird increased their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Oppenheimer assumed coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective for the company. Loop Capital began coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 price objective for the company. Finally, Redburn Atlantic began coverage on Cadence Design Systems in a research report on Monday. They set a “buy” rating and a $350.00 target price on the stock. One analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average price target of $329.50.

Insider Activity

In other news, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total value of $1,799,916.80. Following the transaction, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at $16,987,930.96. This represents a 9.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total value of $198,146.00. Following the sale, the vice president now owns 59,311 shares of the company’s stock, valued at approximately $18,080,365.24. This represents a 1.08 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 108,416 shares of company stock valued at $33,528,267 in the last quarter. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

Shares of CDNS stock opened at $300.72 on Thursday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. The stock has a market cap of $82.48 billion, a PE ratio of 78.93, a PEG ratio of 4.16 and a beta of 1.04. The firm’s 50 day moving average price is $304.32 and its two-hundred day moving average price is $285.20.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.20. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. Cadence Design Systems’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.01 EPS. As a group, analysts forecast that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

About Cadence Design Systems

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.