Cadence Design Systems, Inc. (NASDAQ:CDNS) Stake Boosted by Meritage Portfolio Management

Meritage Portfolio Management raised its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 86,406 shares of the software maker’s stock after buying an additional 5,974 shares during the quarter. Cadence Design Systems accounts for 1.6% of Meritage Portfolio Management’s portfolio, making the stock its 8th largest position. Meritage Portfolio Management’s holdings in Cadence Design Systems were worth $23,534,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in CDNS. Jennison Associates LLC lifted its position in Cadence Design Systems by 8.7% in the 3rd quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock worth $1,651,166,000 after buying an additional 564,085 shares in the last quarter. Northern Trust Corp grew its position in Cadence Design Systems by 5.6% in the third quarter. Northern Trust Corp now owns 2,995,849 shares of the software maker’s stock worth $701,927,000 after acquiring an additional 158,031 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Cadence Design Systems by 4.9% during the 3rd quarter. Invesco Ltd. now owns 2,012,292 shares of the software maker’s stock valued at $471,480,000 after purchasing an additional 93,984 shares in the last quarter. Nordea Investment Management AB increased its position in Cadence Design Systems by 124.8% during the fourth quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock worth $515,995,000 after buying an additional 1,052,228 shares during the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Cadence Design Systems by 143.3% in the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock worth $383,062,000 after buying an additional 962,987 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the transaction, the vice president now owns 156,156 shares in the company, valued at $46,375,208.88. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, VP Thomas P. Beckley sold 65,268 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the transaction, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total value of $449,130.00. Following the sale, the director now directly owns 53,183 shares of the company’s stock, valued at $15,924,053.86. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 173,044 shares of company stock worth $52,231,207. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

NASDAQ CDNS traded up $7.53 during midday trading on Friday, hitting $284.61. The company had a trading volume of 1,160,465 shares, compared to its average volume of 1,566,497. The firm has a fifty day simple moving average of $304.01 and a two-hundred day simple moving average of $280.94. Cadence Design Systems, Inc. has a fifty-two week low of $198.92 and a fifty-two week high of $327.36. The company has a quick ratio of 1.13, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The stock has a market cap of $77.48 billion, a price-to-earnings ratio of 72.16, a P/E/G ratio of 3.26 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. The business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same period last year, the business earned $1.02 earnings per share. Equities analysts forecast that Cadence Design Systems, Inc. will post 4.79 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently commented on CDNS shares. Wells Fargo & Company increased their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. Robert W. Baird lifted their price target on shares of Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research report on Thursday, April 18th. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a report on Friday, April 19th. Stifel Nicolaus lifted their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday, February 13th. Finally, Piper Sandler decreased their price target on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a report on Tuesday. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $316.50.

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.