O Shaughnessy Asset Management LLC Raises Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

O Shaughnessy Asset Management LLC raised its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.8% during the fourth quarter, HoldingsChannel.com reports. The firm owned 33,971 shares of the software maker’s stock after buying an additional 253 shares during the period. O Shaughnessy Asset Management LLC’s holdings in Cadence Design Systems were worth $10,207,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Cadence Design Systems by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker’s stock worth $7,784,674,000 after buying an additional 201,340 shares during the last quarter. State Street Corp increased its position in shares of Cadence Design Systems by 0.5% in the 3rd quarter. State Street Corp now owns 11,922,747 shares of the software maker’s stock worth $3,231,422,000 after purchasing an additional 60,490 shares during the last quarter. Jennison Associates LLC raised its stake in shares of Cadence Design Systems by 5.3% in the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock valued at $2,406,760,000 after purchasing an additional 404,076 shares in the last quarter. Norges Bank bought a new position in shares of Cadence Design Systems during the fourth quarter worth about $1,170,209,000. Finally, Nordea Investment Management AB grew its stake in Cadence Design Systems by 6.5% in the fourth quarter. Nordea Investment Management AB now owns 2,933,392 shares of the software maker’s stock worth $885,356,000 after purchasing an additional 178,212 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 93,151 shares of the company’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 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 represents a 62.51 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total transaction of $164,274.50. Following the transaction, the vice president now owns 58,123 shares in the company, valued at $14,689,425.79. This represents a 1.11 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 101,021 shares of company stock valued at $31,229,155. 1.99% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have issued reports on CDNS. Needham & Company LLC restated a “buy” rating and set a $325.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, February 19th. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Mizuho boosted their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Loop Capital dropped their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Finally, Piper Sandler lifted their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a report 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 company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $324.83.

Cadence Design Systems Trading Down 0.9 %

Shares of NASDAQ:CDNS opened at $254.33 on Tuesday. Cadence Design Systems, Inc. has a fifty-two week low of $230.09 and a fifty-two 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. The company has a market cap of $69.77 billion, a PE ratio of 65.89, a P/E/G ratio of 3.88 and a beta of 1.05. The company’s 50-day moving average price is $273.52 and its 200 day moving average price is $284.41.

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 analyst estimates of $1.35 billion. Sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

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.