Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Brown Brothers Harriman & Co.

Brown Brothers Harriman & Co. grew its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 4.9% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 241,523 shares of the software maker's stock after buying an additional 11,174 shares during the quarter. Brown Brothers Harriman & Co. owned 0.09% of Cadence Design Systems worth $72,568,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in Cadence Design Systems by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker's stock valued at $7,784,674,000 after buying an additional 201,340 shares in the last quarter. State Street Corp increased its position in shares of Cadence Design Systems by 0.5% during the third quarter. State Street Corp now owns 11,922,747 shares of the software maker's stock worth $3,231,422,000 after acquiring an additional 60,490 shares during the period. Jennison Associates LLC raised its stake in shares of Cadence Design Systems by 5.3% during the fourth quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker's stock valued at $2,406,760,000 after acquiring an additional 404,076 shares in the last quarter. Norges Bank purchased a new stake in shares of Cadence Design Systems in the fourth quarter valued at approximately $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.

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Analyst Ratings Changes

A number of brokerages have weighed in on CDNS. Rosenblatt Securities lifted their target price on Cadence Design Systems from $280.00 to $295.00 and gave the company a "neutral" rating in a research report on Wednesday, February 19th. StockNews.com downgraded Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. Redburn Atlantic started coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They set a "buy" rating and a $350.00 target price on the stock. Needham & Company LLC restated a "buy" rating and issued a $325.00 price target on shares of Cadence Design Systems in a report on Wednesday, February 19th. Finally, Oppenheimer lowered their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research report on Wednesday, March 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat, Cadence Design Systems has a consensus rating of "Moderate Buy" and a consensus target price of $324.83.

Insider Activity

In other news, CEO Anirudh Devgan sold 93,151 shares of the business's stock in a transaction on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the sale, the chief executive officer now directly owns 55,874 shares of the company's stock, valued at $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total value of $198,146.00. Following the completion of the transaction, the vice president now directly owns 59,311 shares in the company, valued at $18,080,365.24. This represents a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 101,021 shares of company stock worth $31,229,155 over the last 90 days. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Stock Up 1.8 %

CDNS traded up $4.46 during trading on Tuesday, hitting $258.79. The stock had a trading volume of 1,306,777 shares, compared to its average volume of 1,879,010. The stock has a 50 day simple moving average of $273.52 and a two-hundred day simple moving average of $284.41. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. Cadence Design Systems, Inc. has a twelve month low of $230.09 and a twelve month high of $328.99. The company has a market capitalization of $70.99 billion, a PE ratio of 67.04, a PEG ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $1.35 billion. On average, 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.