Allstate Corp Acquires Shares of 8,110 Cadence Design Systems, Inc. (NASDAQ:CDNS)

Allstate Corp bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 8,110 shares of the software maker's stock, valued at approximately $2,437,000.

Other hedge funds have also recently bought and sold shares of the company. Golden State Wealth Management LLC bought a new stake in shares of Cadence Design Systems during the fourth quarter worth $28,000. Avalon Trust Co bought a new position in Cadence Design Systems during the 4th quarter worth about $39,000. Versant Capital Management Inc raised its stake in shares of Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock valued at $42,000 after purchasing an additional 87 shares during the period. Prestige Wealth Management Group LLC lifted its holdings in shares of 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 in the last quarter. Finally, OFI Invest Asset Management acquired a new position in shares of Cadence Design Systems during the fourth quarter worth about $46,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of the company's stock in a transaction on Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following 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 sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total value of $198,146.00. Following the transaction, the vice president now owns 59,311 shares in the company, valued at $18,080,365.24. The trade was a 1.08 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 101,021 shares of company stock valued at $31,229,155. 1.99% of the stock is owned by insiders.

Remove Ads

Wall Street Analysts Forecast Growth

Several research firms have commented on CDNS. Needham & Company LLC restated a "buy" rating and issued a $325.00 target price on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Oppenheimer lowered their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a report on Wednesday, March 19th. Piper Sandler raised their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a research report on Wednesday, February 19th. StockNews.com lowered shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Finally, Bank of America reduced their price objective on shares of Cadence Design Systems from $365.00 to $350.00 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 issued a buy rating to the company's stock. According to MarketBeat, Cadence Design Systems has a consensus rating of "Moderate Buy" and an average price target of $324.83.

Cadence Design Systems Stock Performance

NASDAQ:CDNS traded up $4.46 on Tuesday, hitting $258.79. The company's stock had a trading volume of 1,421,095 shares, compared to its average volume of 1,879,429. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a one year low of $230.09 and a one year high of $328.99. The stock has a fifty day moving average of $273.52 and a two-hundred day moving average of $284.41. The firm has a market capitalization of $70.99 billion, a P/E ratio of 67.04, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced 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 business had revenue of $1.36 billion for 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%. Research analysts predict 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.