Cookson Peirce & Co. Inc. Reduces Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Cookson Peirce & Co. Inc. reduced its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,278 shares of the software maker’s stock after selling 176 shares during the period. Cookson Peirce & Co. Inc.’s holdings in Cadence Design Systems were worth $1,165,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of CDNS. OFI Invest Asset Management acquired a new position in shares of Cadence Design Systems during the 3rd quarter worth about $26,000. Valley National Advisers Inc. increased its stake in 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 purchasing an additional 47 shares during the last quarter. Fortitude Family Office LLC acquired a new stake in Cadence Design Systems during the fourth quarter worth approximately $28,000. Atlas Capital Advisors LLC lifted its position in shares of Cadence Design Systems by 322.6% during the 2nd quarter. Atlas Capital Advisors LLC now owns 131 shares of the software maker’s stock worth $31,000 after buying an additional 100 shares during the last quarter. Finally, Zions Bancorporation N.A. boosted its holdings in shares of 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 buying an additional 117 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Piper Sandler assumed coverage on shares of Cadence Design Systems in a research note on Thursday, April 4th. They issued a “neutral” rating and a $334.00 price objective for the company. Needham & Company LLC restated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research note on Wednesday, March 6th. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Tuesday. Morgan Stanley upgraded shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $260.00 to $350.00 in a research report on Wednesday, February 14th. Finally, KeyCorp upped 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. Three 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 presently has a consensus rating of “Moderate Buy” and a consensus price target of $316.10.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 4,500 shares of the firm’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $300.00, for a total value of $1,350,000.00. Following the completion of the sale, the director now owns 54,683 shares of the company’s stock, valued at $16,404,900. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 4,500 shares of the company’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $300.00, for a total value of $1,350,000.00. Following the completion of the sale, the director now directly owns 54,683 shares in the company, valued at approximately $16,404,900. The disclosure for this sale can be found here. Insiders have sold a total of 212,044 shares of company stock worth $63,106,522 over the last three months. 0.62% of the stock is currently owned by corporate insiders.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $300.81 on Wednesday. Cadence Design Systems, Inc. has a 1 year low of $194.01 and a 1 year high of $327.36. The stock has a market capitalization of $81.89 billion, a P/E ratio of 78.75, a P/E/G ratio of 3.66 and a beta of 1.04. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24. The company’s fifty day moving average is $306.73 and its two-hundred day moving average is $279.25.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.05. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The firm had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same period in the prior year, the company posted $0.75 earnings per share. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. On average, sell-side analysts predict 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.