Perpetual Ltd Acquires 512 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Perpetual Ltd boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 17.0% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 3,522 shares of the software maker’s stock after purchasing an additional 512 shares during the period. Perpetual Ltd’s holdings in Cadence Design Systems were worth $1,058,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. Sumitomo Mitsui Trust Group Inc. increased its holdings in Cadence Design Systems by 48.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after acquiring an additional 310,250 shares during the last quarter. Avanza Fonder AB bought a new position in Cadence Design Systems during the fourth quarter worth about $6,046,000. Caisse DE Depot ET Placement DU Quebec purchased a new position in shares of Cadence Design Systems in the third quarter worth about $24,026,000. Teamwork Financial Advisors LLC raised its position in shares of Cadence Design Systems by 19.4% in the third quarter. Teamwork Financial Advisors LLC now owns 13,131 shares of the software maker’s stock valued at $3,559,000 after purchasing an additional 2,136 shares during the period. Finally, Zhang Financial LLC bought a new position in Cadence Design Systems in the 4th quarter worth approximately $381,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Up 3.4 %

Shares of CDNS stock opened at $321.49 on Thursday. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The firm has a market cap of $88.17 billion, a P/E ratio of 84.38, a price-to-earnings-growth ratio of 3.51 and a beta of 1.04. The business has a 50-day moving average price of $304.79 and a two-hundred day moving average price of $284.80. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.20. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. Cadence Design Systems’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.01 earnings per share. Equities analysts anticipate that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Insider Buying and Selling

In other news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $276.00, for a total transaction of $179,400.00. Following the transaction, the vice president now directly owns 61,111 shares of the company’s stock, valued at approximately $16,866,636. This trade represents a 1.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 108,416 shares of company stock worth $33,528,267 in the last 90 days. 0.62% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

CDNS has been the topic of several recent research reports. Mizuho increased their target price on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Loop Capital initiated coverage on Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 price target on the stock. Oppenheimer initiated coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective for the company. Finally, Needham & Company LLC decreased their target price on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $329.50.

Cadence Design Systems 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.