Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by DnB Asset Management AS

DnB Asset Management AS grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 74,966 shares of the software maker’s stock after purchasing an additional 2,602 shares during the quarter. DnB Asset Management AS’s holdings in Cadence Design Systems were worth $22,524,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Golden State Wealth Management LLC purchased a new stake in Cadence Design Systems in the fourth quarter valued at $28,000. Avalon Trust Co acquired a new stake in shares of Cadence Design Systems in the 4th quarter valued at about $39,000. Versant Capital Management Inc grew its stake in Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after buying an additional 87 shares during the last quarter. Prestige Wealth Management Group LLC increased its position in Cadence Design Systems by 56.6% during the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after buying an additional 60 shares during the period. Finally, OFI Invest Asset Management purchased a new stake in Cadence Design Systems in the fourth quarter valued at approximately $46,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $256.69 on Friday. The company has a market capitalization of $70.36 billion, a PE ratio of 66.50, a P/E/G ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 52-week low of $230.09 and a 52-week high of $328.99. The company has a 50-day simple moving average of $274.55 and a 200-day simple moving average of $284.19. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Equities research analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the transaction, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at $17,320,940. This trade represents a 62.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total value of $198,146.00. Following the completion of the sale, the vice president now directly owns 59,311 shares in the company, valued at approximately $18,080,365.24. The trade was a 1.08 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 101,021 shares of company stock worth $31,229,155 over the last 90 days. 1.99% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Robert W. Baird lowered their target price on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. Rosenblatt Securities lifted their price objective on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Redburn Atlantic started coverage on Cadence Design Systems in a report on Monday, January 13th. They set a “buy” rating and a $350.00 price target on the stock. Loop Capital reduced their price objective on 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. Finally, Mizuho lifted their target price on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $324.83.

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.