Avanza Fonder AB Buys New Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Avanza Fonder AB bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 20,123 shares of the software maker's stock, valued at approximately $6,046,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. 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 valued at $258,136,000 after buying an additional 310,250 shares during the period. Caisse DE Depot ET Placement DU Quebec bought a new stake in Cadence Design Systems in the 3rd quarter valued at $24,026,000. Teamwork Financial Advisors LLC increased its holdings in Cadence Design Systems by 19.4% in the 3rd quarter. Teamwork Financial Advisors LLC now owns 13,131 shares of the software maker's stock valued at $3,559,000 after buying an additional 2,136 shares during the period. Jennison Associates LLC increased its holdings in Cadence Design Systems by 2.7% in the 3rd quarter. Jennison Associates LLC now owns 7,606,175 shares of the software maker's stock valued at $2,061,502,000 after buying an additional 198,230 shares during the period. Finally, Vontobel Holding Ltd. increased its holdings in Cadence Design Systems by 5.3% in the 3rd quarter. Vontobel Holding Ltd. now owns 228,597 shares of the software maker's stock valued at $61,957,000 after buying an additional 11,568 shares during the period. Institutional investors own 84.85% of the company's stock.

Insider Activity at Cadence Design Systems

In other news, CFO John M. Wall sold 4,224 shares of the company's stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total value of $1,305,342.72. Following the completion of the transaction, the chief financial officer now owns 29,248 shares of the company's stock, valued at $9,038,509.44. This represents a 12.62 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, 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 transaction, the chief executive officer now directly owns 55,874 shares of the company's stock, valued at $17,320,940. This represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 108,416 shares of company stock valued at $33,528,267 over the last quarter. 0.62% of the stock is owned by corporate insiders.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock traded up $6.70 during trading on Friday, reaching $305.60. The company's stock had a trading volume of 1,567,258 shares, compared to its average volume of 1,176,470. The business's 50-day moving average price is $304.43 and its 200-day moving average price is $285.37. The firm has a market cap of $83.81 billion, a PE ratio of 80.21, a P/E/G ratio of 3.44 and a beta of 1.04. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating analysts' consensus estimates of $1.44 by $0.20. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.01 earnings per share. Equities analysts forecast that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on CDNS shares. Redburn Atlantic started coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They issued a "buy" rating and a $350.00 target price on the stock. Needham & Company LLC lowered 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. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They issued an "overweight" rating and a $350.00 target price on the stock. Oppenheimer started coverage on shares of Cadence Design Systems in a report on Wednesday, September 25th. They issued an "underperform" rating and a $225.00 target price on the stock. Finally, Mizuho upped their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an "outperform" rating in a research report on Friday, December 13th. One 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. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $329.50.

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.