SteelPeak Wealth LLC Increases Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

SteelPeak Wealth LLC increased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,414 shares of the software maker’s stock after purchasing an additional 304 shares during the period. SteelPeak Wealth LLC’s holdings in Cadence Design Systems were worth $1,326,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Van ECK Associates Corp boosted its holdings in shares of Cadence Design Systems by 26.1% in the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock valued at $689,472,000 after buying an additional 572,251 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Cadence Design Systems by 33.0% during the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after purchasing an additional 501,833 shares during the last quarter. Meridiem Investment Management Ltd. acquired a new stake in shares of Cadence Design Systems during the third quarter worth about $129,285,000. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Cadence Design Systems by 48.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock valued at $258,136,000 after purchasing an additional 310,250 shares during the last quarter. Finally, Impax Asset Management Group plc lifted its holdings in shares of Cadence Design Systems by 20.9% in the 3rd quarter. Impax Asset Management Group plc now owns 1,374,531 shares of the software maker’s stock valued at $371,719,000 after purchasing an additional 237,495 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on CDNS shares. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Robert W. Baird upped their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Berenberg Bank assumed coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective on the stock. Loop Capital initiated coverage on shares of Cadence Design Systems in a report on Monday, November 11th. They issued a “buy” rating and a $360.00 target price for the company. Finally, Needham & Company LLC lowered their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $329.50.

Insider Buying and Selling

In related news, CFO John M. Wall sold 4,224 shares of Cadence Design Systems stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total transaction of $1,305,342.72. Following the completion of the transaction, the chief financial officer now directly owns 29,248 shares of the company’s stock, valued at approximately $9,038,509.44. The trade was a 12.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at $17,320,940. This trade represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 108,416 shares of company stock valued at $33,528,267. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Down 3.1 %

Cadence Design Systems stock opened at $289.88 on Thursday. The stock’s 50 day moving average price is $306.04 and its 200 day moving average price is $284.61. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99. The company has a market cap of $79.50 billion, a PE ratio of 76.08, a price-to-earnings-growth ratio of 3.70 and a beta of 1.04. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping the consensus estimate of $1.44 by $0.20. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The business’s revenue was up 18.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.01 EPS. On average, sell-side analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Cadence Design Systems 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.