Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by First Bank & Trust

First Bank & Trust raised its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.9% in the third quarter, Holdings Channel.com reports. The fund owned 1,750 shares of the software maker’s stock after acquiring an additional 97 shares during the period. First Bank & Trust’s holdings in Cadence Design Systems were worth $474,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Swedbank AB purchased a new stake in Cadence Design Systems during the first quarter valued at about $439,988,000. Principal Financial Group Inc. lifted its stake in Cadence Design Systems by 280.1% during the second quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock valued at $467,676,000 after buying an additional 1,119,824 shares in the last quarter. Meridiem Investment Management Ltd. purchased a new stake in Cadence Design Systems during the third quarter valued at about $129,285,000. BNP Paribas Financial Markets lifted its position in shares of Cadence Design Systems by 58.1% in the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after purchasing an additional 468,195 shares in the last quarter. Finally, Jennison Associates LLC lifted its position in shares of Cadence Design Systems by 6.9% in the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock worth $2,205,582,000 after purchasing an additional 459,603 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the completion of the transaction, the chief financial officer now directly owns 38,654 shares of the company’s stock, valued at $10,278,485.14. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO John M. Wall sold 10,000 shares of the business’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the sale, the chief financial officer now owns 38,654 shares in the company, valued at approximately $10,278,485.14. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $266.24, for a total transaction of $173,056.00. Following the completion of the sale, the vice president now owns 65,194 shares in the company, valued at $17,357,250.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,347 shares of company stock valued at $7,728,272 over the last ninety days. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Stock Performance

CDNS stock traded up $6.02 during midday trading on Friday, hitting $257.30. The stock had a trading volume of 2,024,694 shares, compared to its average volume of 1,734,300. The firm has a market capitalization of $70.09 billion, a price-to-earnings ratio of 67.01, a P/E/G ratio of 3.37 and a beta of 1.02. Cadence Design Systems, Inc. has a 52 week low of $228.66 and a 52 week high of $328.99. The stock has a 50-day simple moving average of $267.42 and a 200 day simple moving average of $282.89. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23.

Wall Street Analysts Forecast Growth

CDNS has been the subject of a number of research analyst reports. Berenberg Bank initiated coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price target for the company. Oppenheimer initiated coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target for the company. Needham & Company LLC reissued a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Monday, October 7th. Finally, Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a research report on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $323.42.

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.