Trust Investment Advisors Makes New Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Trust Investment Advisors acquired a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 4th quarter, Holdings Channel.com reports. The firm acquired 804 shares of the software maker’s stock, valued at approximately $219,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CDNS. OFI Invest Asset Management acquired a new position in shares of Cadence Design Systems in the 3rd quarter valued at approximately $26,000. Valley National Advisers Inc. boosted its holdings 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 buying an additional 47 shares during the period. Fortitude Family Office LLC bought a new stake in shares of Cadence Design Systems during the fourth quarter worth $28,000. Atlas Capital Advisors LLC raised its holdings in shares of Cadence Design Systems by 322.6% during the second quarter. Atlas Capital Advisors LLC now owns 131 shares of the software maker’s stock worth $31,000 after acquiring an additional 100 shares during the period. Finally, Zions Bancorporation N.A. lifted its position in Cadence Design Systems by 108.3% in the 1st quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock valued at $37,000 after acquiring an additional 117 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CDNS has been the topic of several recent research reports. KeyCorp lifted their price target on Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research note on Monday. Wells Fargo & Company lifted their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $260.00 to $350.00 in a research report on Wednesday, February 14th. Robert W. Baird lifted their price objective on shares of Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a report on Thursday. Finally, Piper Sandler started coverage on shares of Cadence Design Systems in a research report on Thursday, April 4th. They issued a “neutral” rating and a $334.00 price objective on the stock. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $318.10.

Insider Activity

In other Cadence Design Systems news, VP Aneel Zaman sold 1,207 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $366,807.30. Following the completion of the transaction, the vice president now directly owns 61,150 shares in the company, valued at approximately $18,583,485. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Cadence Design Systems news, VP Aneel Zaman sold 1,207 shares of the company’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $366,807.30. Following the sale, the vice president now owns 61,150 shares in the company, valued at approximately $18,583,485. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $308.83, for a total value of $463,245.00. Following the transaction, the director now owns 50,183 shares of the company’s stock, valued at $15,498,015.89. The disclosure for this sale can be found here. Over the last three months, insiders have sold 177,544 shares of company stock valued at $53,581,207. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Price Performance

NASDAQ:CDNS traded down $7.81 on Thursday, hitting $285.90. The company had a trading volume of 2,692,312 shares, compared to its average volume of 1,492,046. The firm has a 50 day moving average of $306.58 and a two-hundred day moving average of $279.35. The stock has a market capitalization of $77.83 billion, a price-to-earnings ratio of 76.89, a PEG ratio of 3.65 and a beta of 1.04. Cadence Design Systems, Inc. has a 52 week low of $194.01 and a 52 week high of $327.36. The company has a current ratio of 1.24, a quick ratio of 1.13 and a debt-to-equity ratio of 0.09.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.05. The company had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.06 billion. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. Cadence Design Systems’s revenue was up 18.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.75 EPS. On average, research analysts anticipate that Cadence Design Systems, Inc. will post 4.82 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.