American Century Companies Inc. Grows Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

American Century Companies Inc. increased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 6.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,266,074 shares of the software maker's stock after buying an additional 73,375 shares during the period. American Century Companies Inc. owned 0.46% of Cadence Design Systems worth $380,405,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in CDNS. Golden State Wealth Management LLC bought a new stake in shares of Cadence Design Systems in the 4th quarter worth $28,000. Avalon Trust Co bought a new stake in Cadence Design Systems during the fourth quarter valued at approximately $39,000. Versant Capital Management Inc lifted its position in Cadence Design Systems by 164.2% in 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 boosted its holdings in Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker's stock valued at $45,000 after acquiring an additional 60 shares during the period. Finally, OFI Invest Asset Management purchased a new stake in Cadence Design Systems during the 4th quarter valued at $46,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have commented on CDNS. Bank of America lowered 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 report on Wednesday, February 19th. Redburn Atlantic started coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They issued a "buy" rating and a $350.00 price target on the stock. StockNews.com downgraded shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Piper Sandler boosted their price target on Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 19th. Finally, Rosenblatt Securities increased 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 report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $324.83.

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Cadence Design Systems Stock Performance

CDNS traded down $5.70 during midday trading on Wednesday, hitting $263.41. 1,394,782 shares of the company were exchanged, compared to its average volume of 1,809,355. The firm has a market capitalization of $72.20 billion, a price-to-earnings ratio of 68.24, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 1-year low of $230.09 and a 1-year high of $328.99. The company's 50 day simple moving average is $277.00 and its 200 day simple moving average is $284.46. 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 (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate of $1.82 by ($0.33). The firm had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. As a group, sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insider Activity

In other news, CEO Anirudh Devgan sold 93,151 shares of the company's stock in a transaction dated 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the company's stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total transaction of $198,146.00. Following the transaction, the vice president now owns 59,311 shares of the company's stock, 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. In the last three months, insiders have sold 101,021 shares of company stock worth $31,229,155. 1.99% of the stock is currently owned by corporate 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.