Board of the Pension Protection Fund Takes Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Board of the Pension Protection Fund bought a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,800 shares of the software maker's stock, valued at approximately $541,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Missouri Trust & Investment Co acquired a new stake in shares of Cadence Design Systems in the third quarter worth $27,000. MidAtlantic Capital Management Inc. purchased a new stake in Cadence Design Systems in the third quarter valued at $28,000. Versant Capital Management Inc grew its position 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 purchasing an additional 87 shares during the period. Prestige Wealth Management Group LLC raised its stake in shares of 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 buying an additional 60 shares during the last quarter. Finally, Meeder Asset Management Inc. lifted its holdings in shares of Cadence Design Systems by 30.3% in the 3rd quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker's stock valued at $55,000 after buying an additional 47 shares during the period. Hedge funds and other institutional investors own 84.85% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on CDNS. Robert W. Baird lifted their price target on Cadence Design Systems from $332.00 to $340.00 and gave the company an "outperform" rating in a research report on Tuesday, October 29th. Oppenheimer began coverage on shares of Cadence Design Systems in a report on Wednesday, September 25th. They set an "underperform" rating and a $225.00 target price for the company. Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They set an "overweight" rating and a $350.00 price target on the stock. Berenberg Bank started coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They set a "buy" rating and a $320.00 price target on the stock. Finally, Rosenblatt Securities reiterated a "neutral" rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $329.50.

Cadence Design Systems Price Performance

Shares of CDNS traded up $6.53 during trading hours on Wednesday, hitting $300.72. 1,819,871 shares of the stock were exchanged, compared to its average volume of 1,380,286. The stock's 50-day moving average price is $304.32 and its two-hundred day moving average price is $285.20. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The company has a market cap of $82.48 billion, a price-to-earnings ratio of 78.93, a price-to-earnings-growth ratio of 4.16 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its 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 analysts' expectations of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company's quarterly revenue was up 18.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.01 earnings per share. Research analysts expect that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Friday, November 1st. The stock was sold at an average price of $276.00, for a total transaction of $179,400.00. Following the transaction, the vice president now owns 61,111 shares in the company, valued at $16,866,636. The trade was a 1.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Paul Scannell sold 3,171 shares of the company's stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $305.78, for a total transaction of $969,628.38. Following the completion of the sale, the vice president now directly owns 14,318 shares of the company's stock, valued at $4,378,158.04. This represents a 18.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 108,416 shares of company stock worth $33,528,267 in the last ninety days. Insiders own 1.99% of the company's stock.

Cadence Design Systems Company Profile

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.