Stonehage Fleming Financial Services Holdings Ltd grew its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 80.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 332,147 shares of the software maker's stock after purchasing an additional 148,575 shares during the quarter. Cadence Design Systems comprises approximately 6.3% of Stonehage Fleming Financial Services Holdings Ltd's portfolio, making the stock its 3rd biggest holding. Stonehage Fleming Financial Services Holdings Ltd owned 0.12% of Cadence Design Systems worth $90,467,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Valley National Advisers Inc. boosted its position in shares of Cadence Design Systems by 90.4% in the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker's stock valued at $26,000 after acquiring an additional 47 shares during the period. Fortitude Family Office LLC purchased a new stake in Cadence Design Systems in the fourth quarter valued at approximately $28,000. Union Savings Bank purchased a new stake in Cadence Design Systems in the fourth quarter valued at approximately $33,000. Rakuten Securities Inc. purchased a new stake in Cadence Design Systems in the fourth quarter valued at approximately $45,000. Finally, Catalyst Capital Advisors LLC raised its stake in Cadence Design Systems by 34.7% in the third quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker's stock valued at $47,000 after purchasing an additional 52 shares in the last quarter. Institutional investors own 84.85% of the company's stock.
Wall Street Analysts Forecast Growth
CDNS has been the topic of a number of recent analyst reports. Rosenblatt Securities reaffirmed a "neutral" rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Monday, April 22nd. Bank of America lifted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a "buy" rating in a research note on Thursday, May 30th. Wells Fargo & Company lifted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 16th. Piper Sandler decreased their price target on shares of Cadence Design Systems from $334.00 to $318.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 23rd. Finally, 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 research note on Tuesday, February 13th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and a consensus price target of $331.11.
Read Our Latest Analysis on Cadence Design Systems
Insider Activity
In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business's stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $309.16, for a total transaction of $463,740.00. Following the sale, the director now owns 51,683 shares in the company, valued at approximately $15,978,316.28. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, SVP Karna Nisewaner sold 600 shares of the company's stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $287.31, for a total value of $172,386.00. Following the transaction, the senior vice president now owns 19,880 shares in the company, valued at approximately $5,711,722.80. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company's stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $309.16, for a total transaction of $463,740.00. Following the completion of the transaction, the director now owns 51,683 shares in the company, valued at approximately $15,978,316.28. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 102,125 shares of company stock worth $31,043,057. Corporate insiders own 1.99% of the company's stock.
Cadence Design Systems Trading Down 0.4 %
NASDAQ:CDNS traded down $1.32 during trading hours on Friday, hitting $294.42. The company had a trading volume of 997,245 shares, compared to its average volume of 1,399,442. The company has a market capitalization of $80.21 billion, a PE ratio of 76.67, a price-to-earnings-growth ratio of 3.62 and a beta of 1.04. The stock has a 50-day moving average price of $291.75 and a 200 day moving average price of $289.16. Cadence Design Systems, Inc. has a 52 week low of $217.77 and a 52 week high of $327.36. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19.
Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.04. The business had revenue of $1.01 billion for the quarter, compared to analysts' expectations of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The firm's revenue for the quarter was down 1.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.02 earnings per share. On average, equities research analysts predict that Cadence Design Systems, Inc. will post 4.77 EPS for the current fiscal year.
Cadence Design Systems Profile
(Free Report)
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.
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