Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by Sendero Wealth Management LLC

Sendero Wealth Management LLC grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 25.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,477 shares of the software maker’s stock after acquiring an additional 1,296 shares during the period. Sendero Wealth Management LLC’s holdings in Cadence Design Systems were worth $1,946,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. State Street Corp raised its holdings in Cadence Design Systems by 0.5% during the third quarter. State Street Corp now owns 11,922,747 shares of the software maker’s stock worth $3,231,422,000 after purchasing an additional 60,490 shares during the last quarter. Jennison Associates LLC increased its position in shares of Cadence Design Systems by 2.7% in the third quarter. Jennison Associates LLC now owns 7,606,175 shares of the software maker’s stock valued at $2,061,502,000 after buying an additional 198,230 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Cadence Design Systems by 0.9% in the third 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 valued at $1,081,098,000 after purchasing an additional 37,452 shares in the last quarter. Nordea Investment Management AB grew its holdings 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 valued at $885,356,000 after buying an additional 178,212 shares during the last quarter. Finally, Van ECK Associates Corp grew its holdings in shares of Cadence Design Systems by 26.1% during the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock worth $689,472,000 after buying an additional 572,251 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Up 2.2 %

NASDAQ:CDNS opened at $300.72 on Thursday. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99. The firm has a market capitalization of $82.48 billion, a price-to-earnings ratio of 78.93, a PEG ratio of 4.16 and a beta of 1.04. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The business’s fifty day moving average price is $304.32 and its 200 day moving average price is $285.20.

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

Wall Street Analyst Weigh In

CDNS has been the topic of several research analyst reports. Needham & Company LLC decreased their target price on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Robert W. Baird raised their target price on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Mizuho upped their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Oppenheimer started coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price objective on the stock. Finally, Rosenblatt Securities restated 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 analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $329.50.

Insider Activity

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $276.00, for a total value of $179,400.00. Following the completion of the sale, the vice president now directly owns 61,111 shares of the company’s stock, valued at $16,866,636. The trade was a 1.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the transaction, the chief executive officer now owns 55,874 shares in the company, valued at $17,320,940. This represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 108,416 shares of company stock worth $33,528,267 in the last ninety days. Corporate insiders own 1.99% of the company’s stock.

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.