Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Objective Capital Management LLC (2024)

Posted by Defense World Staff on Jun 17th, 2024

Objective Capital Management LLC raised its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) by 18.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,221 shares of the software maker’s stock after buying an additional 189 shares during the period. Objective Capital Management LLC’s holdings in Cadence Design Systems were worth $333,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Norges Bank acquired a new stake in Cadence Design Systems during the 4th quarter valued at $1,141,059,000. Northern Trust Corp raised its stake in Cadence Design Systems by 5.6% during the 3rd quarter. Northern Trust Corp now owns 2,995,849 shares of the software maker’s stock valued at $701,927,000 after purchasing an additional 158,031 shares during the period. Invesco Ltd. raised its stake in Cadence Design Systems by 4.9% during the 3rd quarter. Invesco Ltd. now owns 2,012,292 shares of the software maker’s stock valued at $471,480,000 after purchasing an additional 93,984 shares during the period. Nordea Investment Management AB raised its stake in Cadence Design Systems by 124.8% during the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after purchasing an additional 1,052,228 shares during the period. Finally, Wellington Management Group LLP increased its stake in shares of Cadence Design Systems by 143.3% in the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock worth $383,062,000 after acquiring an additional 962,987 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CDNS. KeyCorp upped their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Piper Sandler decreased their price objective on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a report on Tuesday, April 23rd. Wells Fargo & Company upped their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Finally, Rosenblatt Securities restated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a report on Monday, April 22nd. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average price target of $331.11.

View Our Latest Stock Analysis on CDNS

Insider Buying and Selling

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $310.46, for a total value of $310,460.00. Following the transaction, the vice president now owns 68,144 shares of the company’s stock, valued at $21,155,986.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $310.46, for a total value of $310,460.00. Following the sale, the vice president now directly owns 68,144 shares in the company, valued at $21,155,986.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John M. Wall sold 21,700 shares of the business’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $311.40, for a total transaction of $6,757,380.00. Following the transaction, the chief financial officer now owns 41,035 shares in the company, valued at $12,778,299. The disclosure for this sale can be found here. Insiders have sold 61,334 shares of company stock valued at $18,525,914 in the last 90 days. 0.62% of the stock is owned by insiders.

Cadence Design Systems Trading Up 0.0 %

Shares of Cadence Design Systems stock opened at $312.16 on Monday. The stock has a market capitalization of $85.04 billion, a P/E ratio of 81.28, a price-to-earnings-growth ratio of 3.82 and a beta of 1.04. 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 company has a 50-day simple moving average of $291.45 and a 200 day simple moving average of $290.49. Cadence Design Systems, Inc. has a 12-month low of $217.77 and a 12-month high of $327.36.

Cadence Design Systems (NASDAQ:CDNS – Get Free Report) last posted its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.04. The firm had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.02 EPS. Research analysts expect that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current fiscal year.

Cadence Design Systems Company Profile

(Free Report)

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.

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