Charles Schwab Investment Management Inc. Grows Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Charles Schwab Investment Management Inc. grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.1% in the fourth quarter, HoldingsChannel reports. The fund owned 1,512,624 shares of the software maker’s stock after buying an additional 45,319 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Cadence Design Systems were worth $411,993,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of CDNS. Parkside Financial Bank & Trust grew its position in Cadence Design Systems by 8.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker’s stock valued at $140,000 after acquiring an additional 38 shares during the period. Highview Capital Management LLC DE increased its position in Cadence Design Systems by 0.8% during the 4th quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock worth $1,411,000 after purchasing an additional 39 shares in the last quarter. BSW Wealth Partners raised its holdings in Cadence Design Systems by 2.8% in the fourth quarter. BSW Wealth Partners now owns 1,624 shares of the software maker’s stock valued at $442,000 after buying an additional 44 shares during the period. Savant Capital LLC lifted its position in Cadence Design Systems by 2.7% during the third quarter. Savant Capital LLC now owns 1,733 shares of the software maker’s stock valued at $406,000 after buying an additional 45 shares in the last quarter. Finally, First Trust Direct Indexing L.P. grew its stake in Cadence Design Systems by 1.0% during the third quarter. First Trust Direct Indexing L.P. now owns 4,658 shares of the software maker’s stock worth $1,091,000 after buying an additional 47 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Down 0.4 %

CDNS stock traded down $1.15 during midday trading on Tuesday, hitting $284.04. 1,040,337 shares of the company’s stock were exchanged, compared to its average volume of 1,570,078. The stock has a market capitalization of $77.30 billion, a price-to-earnings ratio of 73.97, a price-to-earnings-growth ratio of 3.32 and a beta of 1.06. 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 firm has a 50 day moving average price of $301.33 and a 200-day moving average price of $283.20. Cadence Design Systems, Inc. has a 12-month low of $198.92 and a 12-month high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. During the same quarter in the previous year, the firm earned $1.02 earnings per share. The business’s revenue was down 1.2% compared to the same quarter last year. On average, analysts anticipate that Cadence Design Systems, Inc. will post 4.78 EPS for the current year.

Insider Activity

In related news, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $309.16, for a total transaction of $463,740.00. Following the sale, the director now directly owns 51,683 shares of the company’s stock, valued at $15,978,316.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction dated 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 transaction, the vice president now directly owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 173,066 shares of company stock worth $52,199,975. 0.62% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have recently commented on CDNS shares. Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $260.00 to $350.00 in a research note on Wednesday, February 14th. Stifel Nicolaus boosted their price objective on Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, February 13th. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. KeyCorp boosted their price target on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Finally, Wells Fargo & Company increased their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $326.11.

Cadence Design Systems Company 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.