Riverview Trust Co Purchases Shares of 397 Cadence Design Systems, Inc. (NASDAQ:CDNS)

Riverview Trust Co purchased a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 397 shares of the software maker’s stock, valued at approximately $124,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of Cadence Design Systems by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 24,503,455 shares of the software maker’s stock worth $6,674,006,000 after purchasing an additional 384,637 shares during the last quarter. Norges Bank bought a new stake in shares of Cadence Design Systems in the fourth quarter worth about $1,141,059,000. Nordea Investment Management AB grew its position in Cadence Design Systems by 124.8% in the fourth quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock worth $515,995,000 after acquiring an additional 1,052,228 shares in the last quarter. Wellington Management Group LLP grew its position in 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 in the last quarter. Finally, Van ECK Associates Corp grew its position in Cadence Design Systems by 20.2% in the fourth quarter. Van ECK Associates Corp now owns 1,583,529 shares of the software maker’s stock worth $431,306,000 after acquiring an additional 265,943 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Insider Activity

In other news, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $186,276.00. Following the sale, the senior vice president now directly owns 21,080 shares of the company’s stock, valued at $6,544,496.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction on Monday, April 1st. The shares were 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 of the company’s stock, valued at $6,544,496.80. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Chin-Chi Teng sold 32,184 shares of the company’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the completion of the sale, the vice president now directly owns 95,408 shares in the company, valued at $28,379,109.60. The disclosure for this sale can be found here. Insiders have sold 62,834 shares of company stock valued at $18,989,549 over the last ninety days. 0.62% of the stock is currently owned by insiders.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $311.53 on Wednesday. The business’s fifty day simple moving average is $293.19 and its 200-day simple moving average is $293.21. The company has a market cap of $84.87 billion, a PE ratio of 81.13, a PEG ratio of 3.78 and a beta of 1.04. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. Cadence Design Systems, Inc. has a 12-month low of $217.77 and a 12-month high of $328.99.

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. The business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The business’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.02 earnings per share. Analysts expect that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on CDNS shares. KeyCorp boosted their target price on Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research note on Monday, April 22nd. Bank of America boosted their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Finally, Robert W. Baird boosted their price objective on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research note on Thursday, April 18th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $331.11.

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.