Parkside Financial Bank & Trust Buys 38 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Parkside Financial Bank & Trust raised its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 8.0% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 514 shares of the software maker’s stock after acquiring an additional 38 shares during the period. Parkside Financial Bank & Trust’s holdings in Cadence Design Systems were worth $140,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. DekaBank Deutsche Girozentrale lifted its stake in Cadence Design Systems by 34.5% in the third quarter. DekaBank Deutsche Girozentrale now owns 386,993 shares of the software maker’s stock valued at $91,775,000 after buying an additional 99,251 shares in the last quarter. Miracle Mile Advisors LLC bought a new position in Cadence Design Systems in the fourth quarter valued at approximately $934,000. Pacer Advisors Inc. lifted its position in shares of Cadence Design Systems by 9.4% in the fourth quarter. Pacer Advisors Inc. now owns 40,409 shares of the software maker’s stock worth $11,006,000 after purchasing an additional 3,484 shares in the last quarter. Patton Fund Management Inc. bought a new stake in shares of Cadence Design Systems in the fourth quarter worth $5,264,000. Finally, AEGON ASSET MANAGEMENT UK Plc bought a new stake in shares of Cadence Design Systems in the fourth quarter worth $55,443,000. Institutional investors own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

CDNS has been the topic of a number of research reports. Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $260.00 to $350.00 in a research report on Wednesday, February 14th. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research report on Monday. Piper Sandler cut their price objective on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research report on Tuesday. Robert W. Baird boosted their price objective on shares of 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, Wells Fargo & Company upped 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 report on Tuesday, April 16th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus target price of $316.50.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $277.66 on Thursday. The company has a current ratio of 1.32, a quick ratio of 1.13 and a debt-to-equity ratio of 0.08. The firm’s fifty day moving average price is $304.38 and its two-hundred day moving average price is $280.97. Cadence Design Systems, Inc. has a 1 year low of $194.01 and a 1 year high of $327.36. The firm has a market capitalization of $75.59 billion, a P/E ratio of 72.31, a price-to-earnings-growth ratio of 3.43 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. During the same period in the previous year, the company earned $1.02 earnings per share. The company’s quarterly revenue was down 1.2% on a year-over-year basis. As a group, research analysts anticipate that Cadence Design Systems, Inc. will post 4.81 EPS for the current year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total value of $19,383,290.64. Following the transaction, the vice president now directly owns 156,156 shares in the company, valued at $46,375,208.88. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, VP Thomas P. Beckley sold 65,268 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $296.98, for a total value of $19,383,290.64. Following the transaction, the vice president now directly owns 156,156 shares in the company, valued at $46,375,208.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total transaction of $449,130.00. Following the completion of the transaction, the director now owns 53,183 shares in the company, valued at $15,924,053.86. The disclosure for this sale can be found here. Insiders have sold a total of 173,044 shares of company stock worth $52,231,207 over the last ninety days. Insiders own 1.99% of the company’s stock.

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.