Metis Global Partners LLC Grows Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Metis Global Partners LLC boosted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.0% in the fourth quarter, Holdings Channel.com reports. The firm owned 11,448 shares of the software maker’s stock after acquiring an additional 333 shares during the quarter. Metis Global Partners LLC’s holdings in Cadence Design Systems were worth $3,440,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of CDNS. Van ECK Associates Corp grew its holdings in Cadence Design Systems by 26.1% in the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock valued at $689,472,000 after purchasing an additional 572,251 shares during the period. Principal Financial Group Inc. grew its stake in Cadence Design Systems by 33.0% during the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after buying an additional 501,833 shares during the period. Manning & Napier Advisors LLC purchased a new stake in Cadence Design Systems during the fourth quarter worth approximately $148,594,000. Proficio Capital Partners LLC purchased a new stake in Cadence Design Systems during the fourth quarter worth approximately $129,546,000. Finally, Jennison Associates LLC grew its stake in Cadence Design Systems by 5.3% during the fourth quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock worth $2,406,760,000 after buying an additional 404,076 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CDNS. Piper Sandler boosted their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Redburn Atlantic began coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They set a “buy” rating and a $350.00 price objective for the company. Robert W. Baird decreased their price objective on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research note on Thursday, February 20th. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price for the company. Finally, Loop Capital decreased their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus target price of $326.92.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $306.19, for a total transaction of $199,023.50. Following the sale, the vice president now directly owns 60,461 shares of the company’s stock, valued at approximately $18,512,553.59. This represents a 1.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Scannell sold 3,171 shares of the stock in a transaction on Friday, December 13th. The stock was sold at an average price of $305.78, for a total transaction of $969,628.38. Following the sale, the vice president now directly owns 14,318 shares in the company, valued at $4,378,158.04. This trade represents a 18.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock valued at $33,538,875 over the last ninety days. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Up 0.8 %

CDNS opened at $250.50 on Friday. The stock has a market capitalization of $68.66 billion, a PE ratio of 64.90, a P/E/G ratio of 3.88 and a beta of 1.03. The firm’s fifty day moving average price is $295.10 and its 200 day moving average price is $286.72. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. 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 posted its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. As a group, research analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

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.