SageView Advisory Group LLC bought a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) in the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 1,223 shares of the software maker’s stock, valued at approximately $360,000.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Cadence Design Systems in the 4th quarter valued at approximately $1,141,059,000. Nordea Investment Management AB lifted its position in Cadence Design Systems by 124.8% during the fourth 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 during the period. Wellington Management Group LLP boosted its stake in Cadence Design Systems by 143.3% in the 3rd quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock worth $383,062,000 after buying an additional 962,987 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in Cadence Design Systems by 261.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock valued at $169,022,000 after buying an additional 448,918 shares during the period. Finally, International Assets Investment Management LLC increased its stake in shares of Cadence Design Systems by 26,060.9% during the 4th quarter. International Assets Investment Management LLC now owns 278,090 shares of the software maker’s stock valued at $757,430,000 after acquiring an additional 277,027 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.
Cadence Design Systems Stock Performance
NASDAQ:CDNS opened at $294.28 on Tuesday. The firm has a 50-day moving average of $296.11 and a two-hundred day moving average of $287.80. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. The stock has a market cap of $80.08 billion, a P/E ratio of 76.64, a PEG ratio of 3.60 and a beta of 1.06. Cadence Design Systems, Inc. has a 1-year low of $208.50 and a 1-year high of $327.36.
Cadence Design Systems (NASDAQ:CDNS – Get Free Report) last issued its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.04. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. Cadence Design Systems’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same period last year, the firm posted $1.02 EPS. On average, research analysts expect that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current fiscal year.
Insider Buying and Selling at Cadence Design Systems
In other news, CFO John M. Wall sold 2,700 shares of the stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $299.00, for a total value of $807,300.00. Following the completion of the transaction, the chief financial officer now owns 76,552 shares of the company’s stock, valued at $22,889,048. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Anirudh Devgan sold 48,533 shares of the business’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $302.50, for a total value of $14,681,232.50. Following the sale, the chief executive officer now owns 67,812 shares of the company’s stock, valued at approximately $20,513,130. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John M. Wall sold 2,700 shares of the firm’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $299.00, for a total value of $807,300.00. Following the sale, the chief financial officer now directly owns 76,552 shares of the company’s stock, valued at $22,889,048. The disclosure for this sale can be found here. Insiders have sold 106,637 shares of company stock valued at $32,438,716 in the last quarter. Corporate insiders own 0.62% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities research analysts recently issued reports on the stock. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Stifel Nicolaus boosted their price objective on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. Piper Sandler cut their target price on 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 target for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. Finally, Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Monday, April 22nd. 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.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average price target of $326.11.
Check Out Our Latest Report on Cadence Design Systems
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.
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