Cadence Design Systems, Inc. (NASDAQ:CDNS) is Marietta Investment Partners LLC’s 8th Largest Position

Marietta Investment Partners LLC lowered its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,092 shares of the software maker’s stock after selling 383 shares during the quarter. Cadence Design Systems accounts for about 2.3% of Marietta Investment Partners LLC’s investment portfolio, making the stock its 8th biggest holding. Marietta Investment Partners LLC’s holdings in Cadence Design Systems were worth $10,492,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. Empowered Funds LLC increased its position in Cadence Design Systems by 223.8% during the first quarter. Empowered Funds LLC now owns 9,181 shares of the software maker’s stock valued at $2,858,000 after acquiring an additional 6,346 shares during the last quarter. Norden Group LLC increased its position in Cadence Design Systems by 1,659.3% during the first quarter. Norden Group LLC now owns 13,300 shares of the software maker’s stock valued at $4,140,000 after acquiring an additional 12,544 shares during the last quarter. Pinebridge Investments L.P. increased its position in Cadence Design Systems by 37.5% during the fourth quarter. Pinebridge Investments L.P. now owns 19,307 shares of the software maker’s stock valued at $5,258,000 after acquiring an additional 5,269 shares during the last quarter. Nomura Asset Management Co. Ltd. increased its position in Cadence Design Systems by 3.6% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 111,740 shares of the software maker’s stock valued at $30,435,000 after acquiring an additional 3,899 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its position in Cadence Design Systems by 58.1% during the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock valued at $396,470,000 after acquiring an additional 468,195 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on CDNS shares. Robert W. Baird reduced their price objective on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd. Bank of America boosted their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 30th. KeyCorp boosted their price target on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a report on Tuesday, August 6th. Finally, Needham & Company LLC reissued a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $334.56.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $273.76 on Monday. The firm has a market cap of $74.58 billion, a price-to-earnings ratio of 71.29, a price-to-earnings-growth ratio of 3.19 and a beta of 1.02. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. The business has a 50-day moving average price of $269.55 and a 200-day moving average price of $290.20. Cadence Design Systems, Inc. has a twelve month low of $227.05 and a twelve month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The business’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.94 earnings per share. As a group, equities research analysts predict that Cadence Design Systems, Inc. will post 4.73 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $413,970.00. Following the sale, the director now directly owns 43,551 shares in the company, valued at $12,019,204.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $413,970.00. Following the sale, the director now owns 43,551 shares in the company, valued at $12,019,204.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Karna Nisewaner sold 659 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $181,870.82. Following the completion of the sale, the senior vice president now owns 16,029 shares in the company, valued at approximately $4,423,683.42. The disclosure for this sale can be found here. Over the last three months, insiders have sold 38,272 shares of company stock worth $10,833,362. Corporate insiders own 1.99% of the company’s stock.

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.