First Trust Direct Indexing L.P. Grows Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

First Trust Direct Indexing L.P. grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 13.5% in the first quarter, Holdings Channel reports. The firm owned 5,978 shares of the software maker’s stock after acquiring an additional 713 shares during the period. First Trust Direct Indexing L.P.’s holdings in Cadence Design Systems were worth $1,861,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of Cadence Design Systems in the fourth quarter valued at approximately $1,141,059,000. Nordea Investment Management AB grew its position in shares of 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 worth $515,995,000 after buying an additional 1,052,228 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Cadence Design Systems by 143.3% during the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after buying an additional 962,987 shares during the period. Assenagon Asset Management S.A. lifted its stake in Cadence Design Systems by 261.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock worth $169,022,000 after acquiring an additional 448,918 shares during the period. Finally, Vanguard Group Inc. increased its position in Cadence Design Systems by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 24,503,455 shares of the software maker’s stock valued at $6,674,006,000 after purchasing an additional 384,637 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Activity

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $308.83, for a total transaction of $463,245.00. Following the completion of the sale, the director now directly owns 50,183 shares in the company, valued at approximately $15,498,015.89. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $308.83, for a total transaction of $463,245.00. Following the completion of the transaction, the director now owns 50,183 shares in the company, valued at approximately $15,498,015.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Chin-Chi Teng sold 32,184 shares of the business’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $297.45, for a total value of $9,573,130.80. Following the completion of the transaction, the vice president now directly owns 95,408 shares of the company’s stock, valued at approximately $28,379,109.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 50,134 shares of company stock valued at $14,978,483. Company insiders own 0.62% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on CDNS shares. KeyCorp increased their price objective on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Monday, April 22nd. Robert W. Baird upped their price objective on Cadence Design Systems from $322.00 to $341.00 and gave the stock an “outperform” rating in a research note on Tuesday. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research note on Friday, May 17th. Finally, Wells Fargo & Company increased their price target 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 equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and an average target price of $334.89.

Cadence Design Systems Price Performance

Shares of CDNS stock opened at $315.47 on Friday. The firm has a market capitalization of $85.94 billion, a price-to-earnings ratio of 82.15, a PEG ratio of 3.86 and a beta of 1.03. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32. The stock’s 50-day simple moving average is $297.24 and its 200-day simple moving average is $294.85. Cadence Design Systems, Inc. has a fifty-two week low of $217.77 and a fifty-two week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $1 billion. During the same period in the previous year, the firm posted $1.02 earnings per share. The business’s revenue for the quarter was down 1.2% compared to the same quarter last year. As a group, equities analysts forecast that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current fiscal year.

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.