Lyell Wealth Management LP Acquires 282 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Lyell Wealth Management LP grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 44,784 shares of the software maker’s stock after purchasing an additional 282 shares during the period. Cadence Design Systems makes up about 1.2% of Lyell Wealth Management LP’s portfolio, making the stock its 22nd biggest position. Lyell Wealth Management LP’s holdings in Cadence Design Systems were worth $13,456,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. State Street Corp increased its stake in shares of Cadence Design Systems by 0.5% in the 3rd quarter. State Street Corp now owns 11,922,747 shares of the software maker’s stock valued at $3,231,422,000 after purchasing an additional 60,490 shares during the last quarter. Jennison Associates LLC grew its position in Cadence Design Systems by 5.3% during the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock worth $2,406,760,000 after acquiring an additional 404,076 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Cadence Design Systems by 0.9% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,988,851 shares of the software maker’s stock worth $1,081,098,000 after acquiring an additional 37,452 shares during the last quarter. Nordea Investment Management AB grew its position in Cadence Design Systems by 6.5% during the 4th quarter. Nordea Investment Management AB now owns 2,933,392 shares of the software maker’s stock worth $885,356,000 after acquiring an additional 178,212 shares during the last quarter. Finally, Van ECK Associates Corp grew its position in Cadence Design Systems by 26.1% during the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock worth $689,472,000 after acquiring an additional 572,251 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CDNS. Mizuho boosted their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Loop Capital began coverage on Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 price objective on the stock. Wells Fargo & Company assumed coverage on Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective on the stock. Redburn Atlantic assumed coverage on Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 price target on the stock. Finally, Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $326.08.

Insider Buying and Selling

In other news, VP Paul Scannell sold 3,171 shares of the stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $305.78, for a total value of $969,628.38. Following the completion of the sale, the vice president now directly owns 14,318 shares of the company’s stock, valued at $4,378,158.04. This represents a 18.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total value of $190,008.00. Following the completion of the sale, the vice president now directly owns 58,773 shares of the company’s stock, valued at approximately $17,180,523.36. This trade represents a 1.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 108,416 shares of company stock valued at $33,538,875. 0.62% of the stock is owned by company insiders.

Cadence Design Systems Stock Up 1.8 %

Shares of NASDAQ:CDNS opened at $300.43 on Wednesday. The company has a market capitalization of $82.40 billion, a price-to-earnings ratio of 78.85, a P/E/G ratio of 3.41 and a beta of 1.03. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The business’s 50-day moving average is $303.01 and its 200-day moving average is $286.80. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results 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 28.49% and a net margin of 23.87%. Equities research analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current 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.