Mather Group LLC. Decreases Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Mather Group LLC. trimmed its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.7% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,881 shares of the software maker’s stock after selling 101 shares during the period. Mather Group LLC.’s holdings in Cadence Design Systems were worth $1,602,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Gilbert & Cook Inc. increased its stake in shares of Cadence Design Systems by 8.3% in the fourth quarter. Gilbert & Cook Inc. now owns 3,619 shares of the software maker’s stock worth $986,000 after purchasing an additional 278 shares in the last quarter. Convergence Investment Partners LLC increased its stake in shares of Cadence Design Systems by 67.0% in the fourth quarter. Convergence Investment Partners LLC now owns 2,801 shares of the software maker’s stock worth $763,000 after purchasing an additional 1,124 shares in the last quarter. Legacy Capital Wealth Partners LLC purchased a new stake in shares of Cadence Design Systems in the fourth quarter worth $244,000. Dohj LLC purchased a new stake in shares of Cadence Design Systems in the fourth quarter worth $359,000. Finally, Headlands Technologies LLC increased its stake in shares of Cadence Design Systems by 297.8% in the fourth quarter. Headlands Technologies LLC now owns 4,610 shares of the software maker’s stock worth $1,256,000 after purchasing an additional 3,451 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Price Performance

CDNS stock opened at $282.49 on Tuesday. Cadence Design Systems, Inc. has a 52 week low of $198.92 and a 52 week high of $327.36. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The company has a fifty day simple moving average of $303.69 and a two-hundred day simple moving average of $281.82. The firm has a market capitalization of $76.87 billion, a P/E ratio of 73.57, a price-to-earnings-growth ratio of 3.32 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The firm had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same period in the previous year, the company earned $1.02 EPS. The firm’s revenue for the quarter was down 1.2% compared to the same quarter last year. Analysts anticipate that Cadence Design Systems, Inc. will post 4.78 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CDNS. Piper Sandler dropped their target price on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research report on Tuesday, April 23rd. Morgan Stanley upgraded shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $260.00 to $350.00 in a research report on Wednesday, February 14th. KeyCorp upped their target price on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. StockNews.com upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Wednesday, April 24th. Finally, Wells Fargo & Company upped their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $326.11.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Thomas P. Beckley sold 65,268 shares of the company’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 transaction of $19,383,290.64. Following the transaction, the vice president now owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, VP Thomas P. Beckley sold 65,268 shares of the company’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 transaction of $19,383,290.64. Following the transaction, the vice president now owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Aneel Zaman sold 1,207 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $366,807.30. Following the transaction, the vice president now directly owns 61,150 shares in the company, valued at approximately $18,583,485. The disclosure for this sale can be found here. Insiders sold 173,044 shares of company stock worth $52,231,207 over the last 90 days. Company insiders own 0.62% 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.