Trust Investment Advisors Invests $219,000 in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Trust Investment Advisors purchased a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 804 shares of the software maker’s stock, valued at approximately $219,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of CDNS. Calamos Advisors LLC boosted its stake in shares of Cadence Design Systems by 1,201.3% during the fourth quarter. Calamos Advisors LLC now owns 27,327 shares of the software maker’s stock worth $7,443,000 after buying an additional 25,227 shares during the period. Xponance Inc. lifted its position in Cadence Design Systems by 5.8% during the 4th quarter. Xponance Inc. now owns 73,879 shares of the software maker’s stock worth $20,122,000 after acquiring an additional 4,048 shares during the period. Dock Street Asset Management Inc. grew its stake in shares of Cadence Design Systems by 0.7% in the 4th quarter. Dock Street Asset Management Inc. now owns 75,908 shares of the software maker’s stock valued at $20,675,000 after purchasing an additional 558 shares during the last quarter. Federated Hermes Inc. increased its holdings in shares of Cadence Design Systems by 24.8% in the fourth quarter. Federated Hermes Inc. now owns 215,570 shares of the software maker’s stock valued at $58,715,000 after purchasing an additional 42,807 shares during the period. Finally, Peterson Wealth Services raised its stake in shares of Cadence Design Systems by 1.8% during the fourth quarter. Peterson Wealth Services now owns 9,829 shares of the software maker’s stock worth $2,677,000 after purchasing an additional 176 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Trading Down 2.7 %

Shares of CDNS stock traded down $7.81 during mid-day trading on Thursday, reaching $285.90. The company’s stock had a trading volume of 2,692,312 shares, compared to its average volume of 1,492,046. The company’s 50 day simple moving average is $306.58 and its 200-day simple moving average is $279.35. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09. Cadence Design Systems, Inc. has a 12-month low of $194.01 and a 12-month high of $327.36. The firm has a market capitalization of $77.83 billion, a PE ratio of 76.89, a price-to-earnings-growth ratio of 3.65 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, February 12th. The software maker reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.05. The company had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.06 billion. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The firm’s quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.75 earnings per share. On average, research analysts predict that Cadence Design Systems, Inc. will post 4.82 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on CDNS shares. Stifel Nicolaus boosted their price objective 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. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Tuesday. Robert W. Baird boosted their target price on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research report on Thursday. Needham & Company LLC restated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research note on Wednesday, March 6th. Finally, Wells Fargo & Company increased their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday. Three investment 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, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average price target of $318.10.

Insider Transactions at Cadence Design Systems

In related news, Director James D. Plummer sold 2,412 shares of Cadence Design Systems stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $315.40, for a total transaction of $760,744.80. Following the sale, the director now owns 22,923 shares of the company’s stock, valued at approximately $7,229,914.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $308.83, for a total transaction of $463,245.00. Following the transaction, the director now directly owns 50,183 shares in the company, valued at $15,498,015.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James D. Plummer sold 2,412 shares of the stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $315.40, for a total transaction of $760,744.80. Following the sale, the director now directly owns 22,923 shares in the company, valued at $7,229,914.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 177,544 shares of company stock valued at $53,581,207. Corporate 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.