Westpac Banking Corp Raises Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Westpac Banking Corp raised its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 279.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 11,811 shares of the software maker’s stock after purchasing an additional 8,695 shares during the quarter. Westpac Banking Corp’s holdings in Cadence Design Systems were worth $3,549,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CDNS. Golden State Wealth Management LLC purchased a new stake in shares of Cadence Design Systems in the fourth quarter worth about $28,000. Avalon Trust Co purchased a new stake in Cadence Design Systems in the 4th quarter worth approximately $39,000. Versant Capital Management Inc grew its stake in shares of Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after purchasing an additional 87 shares during the period. OFI Invest Asset Management purchased a new position in shares of Cadence Design Systems during the 4th quarter valued at approximately $46,000. Finally, Prestige Wealth Management Group LLC lifted its stake in shares of Cadence Design Systems by 56.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after purchasing an additional 60 shares during the period. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. This represents a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the sale, the vice president now directly owns 58,123 shares of the company’s stock, valued at approximately $14,689,425.79. This trade represents a 1.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 94,451 shares of company stock worth $29,231,093 in the last ninety days. 1.99% of the stock is owned by insiders.

Cadence Design Systems Trading Up 2.4 %

CDNS opened at $264.94 on Thursday. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The company’s 50 day simple moving average is $271.35 and its two-hundred day simple moving average is $284.21. The firm has a market capitalization of $72.68 billion, a price-to-earnings ratio of 68.64, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 1-year low of $230.09 and a 1-year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CDNS has been the topic of several analyst reports. Bank of America dropped their price target on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. Piper Sandler boosted their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Loop Capital decreased their target price on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Finally, Robert W. Baird dropped their target price on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $324.83.

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.