Charles Schwab Investment Management Inc. Grows Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Charles Schwab Investment Management Inc. increased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.1% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,512,624 shares of the software maker’s stock after purchasing an additional 45,319 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.56% of Cadence Design Systems worth $411,993,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in CDNS. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new position in Cadence Design Systems during the fourth quarter worth about $214,000. Maryland State Retirement & Pension System increased its holdings in shares of Cadence Design Systems by 1.9% in the fourth quarter. Maryland State Retirement & Pension System now owns 21,042 shares of the software maker’s stock valued at $5,731,000 after purchasing an additional 394 shares during the last quarter. Private Advisor Group LLC boosted its stake in Cadence Design Systems by 19.2% during the fourth quarter. Private Advisor Group LLC now owns 5,474 shares of the software maker’s stock worth $1,491,000 after buying an additional 881 shares during the last quarter. Spire Wealth Management boosted its stake in Cadence Design Systems by 15.4% during the fourth quarter. Spire Wealth Management now owns 28,412 shares of the software maker’s stock worth $8,299,000 after buying an additional 3,790 shares during the last quarter. Finally, National Bank of Canada FI grew its holdings in Cadence Design Systems by 50.4% in the 4th quarter. National Bank of Canada FI now owns 261,188 shares of the software maker’s stock valued at $68,666,000 after buying an additional 87,514 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cadence Design Systems

In related news, VP Thomas P. Beckley sold 65,268 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the transaction, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total value of $165,216.00. Following the sale, the senior vice president now directly owns 20,480 shares of the company’s stock, valued at approximately $5,639,372.80. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the sale, the vice president now directly owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The disclosure for this sale can be found here. Insiders sold 173,066 shares of company stock valued at $52,199,975 in the last 90 days. Company insiders own 0.62% of the company’s stock.

Cadence Design Systems Trading Down 0.4 %

Shares of NASDAQ CDNS traded down $1.15 during trading on Tuesday, reaching $284.04. The stock had a trading volume of 1,040,337 shares, compared to its average volume of 1,570,078. The business’s 50-day moving average price is $301.33 and its 200-day moving average price is $283.20. Cadence Design Systems, Inc. has a fifty-two week low of $198.92 and a fifty-two week high of $327.36. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32. The company has a market cap of $77.30 billion, a P/E ratio of 73.97, a PEG ratio of 3.32 and a beta of 1.06.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. During the same period in the prior year, the firm earned $1.02 earnings per share. The business’s revenue for the quarter was down 1.2% compared to the same quarter last year. On average, equities research analysts predict that Cadence Design Systems, Inc. will post 4.78 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. KeyCorp lifted their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Robert W. Baird increased their price objective on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. Finally, Needham & Company LLC restated a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research report on Friday, April 19th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $326.11.

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.