Lyell Wealth Management LP Lowers Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Lyell Wealth Management LP cut its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 39,593 shares of the software maker’s stock after selling 536 shares during the period. Cadence Design Systems comprises about 1.2% of Lyell Wealth Management LP’s investment portfolio, making the stock its 26th biggest position. Lyell Wealth Management LP’s holdings in Cadence Design Systems were worth $10,784,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of CDNS. Tokio Marine Asset Management Co. Ltd. increased its holdings in shares of Cadence Design Systems by 4.3% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,651 shares of the software maker’s stock worth $1,812,000 after purchasing an additional 277 shares during the last quarter. Atria Wealth Solutions Inc. increased its holdings in shares of Cadence Design Systems by 77.4% in the fourth quarter. Atria Wealth Solutions Inc. now owns 37,880 shares of the software maker’s stock worth $10,317,000 after purchasing an additional 16,526 shares during the last quarter. Yousif Capital Management LLC increased its stake in Cadence Design Systems by 6.5% during the fourth quarter. Yousif Capital Management LLC now owns 39,022 shares of the software maker’s stock worth $10,628,000 after acquiring an additional 2,372 shares during the last quarter. GAMMA Investing LLC bought a new stake in Cadence Design Systems during the fourth quarter worth approximately $380,000. Finally, Linden Thomas Advisory Services LLC increased its stake in Cadence Design Systems by 5.9% during the fourth quarter. Linden Thomas Advisory Services LLC now owns 8,105 shares of the software maker’s stock worth $2,208,000 after acquiring an additional 452 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Down 1.5 %

Cadence Design Systems stock traded down $4.10 during mid-day trading on Wednesday, reaching $277.66. 2,328,275 shares of the company were exchanged, compared to its average volume of 1,566,116. The business has a fifty day moving average of $304.38 and a 200 day moving average of $280.97. 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 firm has a market cap of $75.59 billion, a P/E ratio of 72.31, a PEG ratio of 3.47 and a beta of 1.04. Cadence Design Systems, Inc. has a 12-month low of $194.01 and a 12-month high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last issued 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 return on equity of 33.53% and a net margin of 25.68%. The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. During the same quarter in the prior year, the business posted $1.02 EPS. The business’s revenue for the quarter was down 1.2% compared to the same quarter last year. Research analysts anticipate that Cadence Design Systems, Inc. will post 4.81 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $186,276.00. Following the completion of the sale, the senior vice president now owns 21,080 shares in the company, valued at approximately $6,544,496.80. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total value of $449,130.00. Following the transaction, the director now directly owns 53,183 shares of the company’s stock, valued at approximately $15,924,053.86. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Karna Nisewaner sold 600 shares of the stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $310.46, for a total value of $186,276.00. Following the sale, the senior vice president now directly owns 21,080 shares in the company, valued at $6,544,496.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 173,044 shares of company stock worth $52,231,207. Insiders own 0.62% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on CDNS. Morgan Stanley raised 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 note on Wednesday, February 14th. Robert W. Baird boosted their price objective on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research note on Thursday, April 18th. Stifel Nicolaus upped their target price on Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research note on Friday, April 19th. Finally, Piper Sandler cut their target price on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research note on Tuesday. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $316.50.

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.