Victory Capital Management Inc. Has $145.32 Million Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Victory Capital Management Inc. lifted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 533,525 shares of the software maker’s stock after buying an additional 7,039 shares during the period. Victory Capital Management Inc.’s holdings in Cadence Design Systems were worth $145,316,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in CDNS. OFI Invest Asset Management bought a new stake in shares of Cadence Design Systems in the third quarter valued at about $26,000. Valley National Advisers Inc. lifted its stake 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 in the fourth quarter valued at about $28,000. Rakuten Securities Inc. bought a new stake in shares of Cadence Design Systems in the fourth quarter valued at about $45,000. Finally, Catalyst Capital Advisors LLC lifted its stake in shares of 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 buying an additional 52 shares during the period. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $274.55 on Thursday. Cadence Design Systems, Inc. has a 1 year low of $198.92 and a 1 year high of $327.36. The firm has a 50 day moving average of $303.04 and a 200-day moving average of $281.95. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $74.71 billion, a P/E ratio of 71.50, a price-to-earnings-growth ratio of 3.24 and a beta of 1.06.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $1 billion. During the same quarter in the previous year, the company posted $1.02 earnings per share. Cadence Design Systems’s quarterly revenue was down 1.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 4.78 EPS for the current fiscal year.

Insider Activity at Cadence Design Systems

In related news, VP Aneel Zaman sold 1,207 shares of the firm’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 sale, the vice president now owns 61,150 shares of the company’s stock, valued at $18,583,485. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, VP Aneel Zaman sold 1,207 shares of the firm’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 sale, the vice president now owns 61,150 shares of the company’s stock, valued at $18,583,485. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the sale, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. Insiders sold a total of 173,044 shares of company stock valued at $52,231,207 over the last quarter. Corporate insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on CDNS. Stifel Nicolaus increased their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. Wells Fargo & Company raised 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. Morgan Stanley upgraded shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $260.00 to $350.00 in a research note on Wednesday, February 14th. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research note on Monday, April 22nd. Finally, KeyCorp raised their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $326.11.

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.