American International Group Inc. Purchases 1,169 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

American International Group Inc. grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 105,804 shares of the software maker’s stock after acquiring an additional 1,169 shares during the period. American International Group Inc.’s holdings in Cadence Design Systems were worth $28,818,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. Valley National Advisers Inc. increased its holdings in Cadence Design Systems by 90.4% in the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after acquiring an additional 47 shares during the last quarter. Fortitude Family Office LLC bought a new position in Cadence Design Systems during the fourth quarter valued at approximately $28,000. Union Savings Bank purchased a new position in Cadence Design Systems during the 4th quarter valued at approximately $33,000. Rakuten Securities Inc. bought a new stake in Cadence Design Systems in the 4th quarter worth approximately $45,000. Finally, Catalyst Capital Advisors LLC raised its holdings in shares of Cadence Design Systems by 34.7% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker’s stock worth $47,000 after acquiring an additional 52 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Up 3.2 %

CDNS stock traded up $9.29 during trading on Wednesday, hitting $296.42. The company had a trading volume of 1,884,129 shares, compared to its average volume of 1,547,736. 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 firm has a market capitalization of $80.66 billion, a P/E ratio of 77.19, a PEG ratio of 3.50 and a beta of 1.04. The company has a 50 day simple moving average of $292.40 and a 200-day simple moving average of $288.82. Cadence Design Systems, Inc. has a 52-week low of $217.77 and a 52-week high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same period in the prior year, the business earned $1.02 EPS. The business’s revenue for the quarter was down 1.2% compared to the same quarter last year. As a group, research analysts forecast that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current fiscal year.

Insider Activity

In other news, VP Aneel Zaman sold 23,592 shares of the business’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $302.52, for a total value of $7,137,051.84. Following the completion of the transaction, the vice president now directly owns 24,499 shares of the company’s stock, valued at approximately $7,411,437.48. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, VP Aneel Zaman sold 23,592 shares of the company’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $302.52, for a total transaction of $7,137,051.84. Following the transaction, the vice president now directly owns 24,499 shares of the company’s stock, valued at $7,411,437.48. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $309.16, for a total value of $463,740.00. Following the transaction, the director now directly owns 51,683 shares in the company, valued at $15,978,316.28. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 104,537 shares of company stock worth $31,803,802. Corporate insiders own 0.62% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Piper Sandler reduced their price target on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 23rd. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $260.00 to $350.00 in a research note on Wednesday, February 14th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Monday, April 22nd. Wells Fargo & Company boosted their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research note on Friday, May 17th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $331.11.

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.