Victory Capital Management Inc. Grows Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Victory Capital Management Inc. raised its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 533,525 shares of the software maker’s stock after purchasing an additional 7,039 shares during the quarter. Victory Capital Management Inc. owned about 0.20% of Cadence Design Systems worth $145,316,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. OFI Invest Asset Management purchased a new stake in shares of Cadence Design Systems during the third quarter worth about $26,000. Valley National Advisers Inc. increased its position in shares of Cadence Design Systems by 90.4% during the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after acquiring an additional 47 shares during the last quarter. Fortitude Family Office LLC purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth about $28,000. Rakuten Securities Inc. purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth about $45,000. Finally, Catalyst Capital Advisors LLC increased its position in shares of Cadence Design Systems by 34.7% during the third quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker’s stock worth $47,000 after acquiring an additional 52 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $274.55 on Thursday. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The business has a 50 day moving average of $303.04 and a two-hundred day moving average of $281.95. Cadence Design Systems, Inc. has a 52 week low of $198.92 and a 52 week high of $327.36. The company has a market cap of $74.71 billion, a P/E ratio of 71.50, a PEG ratio of 3.24 and a beta of 1.06.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. Cadence Design Systems’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.02 earnings per share. As a group, analysts anticipate that Cadence Design Systems, Inc. will post 4.78 EPS for the current year.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Wells Fargo & Company boosted their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Monday, April 22nd. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday. Piper Sandler lowered their price objective on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a report on Tuesday, April 23rd. Finally, Stifel Nicolaus boosted their price objective on Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, February 13th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $326.11.

Insider Transactions at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 1,454 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $441,870.60. Following the completion of the transaction, the chief executive officer now directly owns 136,455 shares in the company, valued at $41,468,674.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Cadence Design Systems news, CEO Anirudh Devgan sold 1,454 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $441,870.60. Following the completion of the sale, the chief executive officer now directly owns 136,455 shares in the company, valued at $41,468,674.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Aneel Zaman sold 1,207 shares of the stock in a transaction 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 transaction, the vice president now directly owns 61,150 shares of the company’s stock, valued at $18,583,485. The disclosure for this sale can be found here. Over the last three months, insiders sold 173,044 shares of company stock worth $52,231,207. Company insiders own 1.99% of the company’s stock.

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.