Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by DnB Asset Management AS

DnB Asset Management AS increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 3.6% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 74,966 shares of the software maker's stock after purchasing an additional 2,602 shares during the period. DnB Asset Management AS's holdings in Cadence Design Systems were worth $22,524,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC purchased a new position in shares of Cadence Design Systems in the fourth quarter valued at approximately $28,000. Avalon Trust Co acquired a new position in shares of Cadence Design Systems in the fourth quarter worth $39,000. Versant Capital Management Inc increased its position in shares of Cadence Design Systems by 164.2% during the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock worth $42,000 after acquiring an additional 87 shares during the period. Prestige Wealth Management Group LLC raised its stake 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 acquiring an additional 60 shares in the last quarter. Finally, OFI Invest Asset Management purchased a new position in Cadence Design Systems in the fourth quarter valued at $46,000. Hedge funds and other institutional investors own 84.85% of the company's stock.

Cadence Design Systems Stock Performance

NASDAQ CDNS traded up $5.40 during trading on Wednesday, reaching $264.19. The company's stock had a trading volume of 656,630 shares, compared to its average volume of 1,878,596. Cadence Design Systems, Inc. has a twelve month low of $230.09 and a twelve month high of $328.99. The firm has a market cap of $72.47 billion, a price-to-earnings ratio of 68.44, a P/E/G ratio of 3.88 and a beta of 1.05. The business's fifty day moving average price is $272.48 and its 200-day moving average price is $284.34. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93.

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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). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The company had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. As a group, analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on CDNS shares. Needham & Company LLC reaffirmed a "buy" rating and issued a $325.00 price target on shares of Cadence Design Systems in a research report on Wednesday, February 19th. 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. Bank of America decreased 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 report on Wednesday, February 19th. Redburn Atlantic started coverage on Cadence Design Systems in a report on Monday, January 13th. They issued a "buy" rating and a $350.00 target price on the stock. Finally, Piper Sandler upped their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 19th. One research 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. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $324.83.

Insider Activity

In other Cadence Design Systems news, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total value of $1,799,916.80. Following the completion of the transaction, the chief executive officer now directly owns 55,874 shares of the company's stock, valued at approximately $16,987,930.96. This trade represents a 9.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $292.32, for a total transaction of $190,008.00. Following the transaction, the vice president now owns 58,773 shares of the company's stock, valued at approximately $17,180,523.36. The trade was a 1.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 101,021 shares of company stock valued at $31,229,155 over the last quarter. Corporate insiders own 1.99% of the company's stock.

Cadence Design Systems 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.