Allianz SE Makes New Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Allianz SE bought a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the fourth quarter, Holdings Channel.com reports. The institutional investor bought 720 shares of the software maker’s stock, valued at approximately $217,000.

Several other large investors have also recently made changes to their positions in the stock. Golden State Wealth Management LLC purchased a new position in shares of Cadence Design Systems during the fourth quarter worth $28,000. Avalon Trust Co acquired a new stake in Cadence Design Systems during the 4th quarter worth approximately $39,000. Versant Capital Management Inc lifted its holdings 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 in the last quarter. OFI Invest Asset Management purchased a new position in Cadence Design Systems in the 4th quarter valued at approximately $46,000. Finally, Prestige Wealth Management Group LLC boosted its holdings in Cadence Design Systems by 56.6% in the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after purchasing an additional 60 shares during the period. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Stock Down 0.9 %

Shares of NASDAQ CDNS opened at $254.33 on Tuesday. The business has a 50-day moving average price of $273.52 and a 200 day moving average price of $284.41. The stock has a market cap of $69.77 billion, a PE ratio of 65.89, a price-to-earnings-growth 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 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 issued its quarterly earnings data 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). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have issued reports on CDNS. Mizuho increased their price target on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Rosenblatt Securities boosted their price target on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Oppenheimer lowered their target price on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research note on Wednesday, March 19th. Finally, Piper Sandler raised their price target on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus price target of $324.83.

Insider Buying and Selling

In other news, 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 transaction of $28,876,810.00. Following the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $252.73, for a total transaction of $164,274.50. Following the completion of the sale, the vice president now owns 58,123 shares of the company’s stock, valued at approximately $14,689,425.79. The trade was a 1.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 101,021 shares of company stock valued at $31,229,155 over the last quarter. 1.99% of the stock is currently owned by insiders.

About Cadence Design Systems

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.