Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank grew its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 4.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 209,463 shares of the software maker's stock after purchasing an additional 8,570 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.08% of Cadence Design Systems worth $62,935,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CDNS. State Street Corp lifted its position in shares of Cadence Design Systems by 0.5% in the third quarter. State Street Corp now owns 11,922,747 shares of the software maker's stock valued at $3,231,422,000 after acquiring an additional 60,490 shares in the last quarter. Jennison Associates LLC raised its position in Cadence Design Systems by 5.3% in 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 purchasing an additional 404,076 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Cadence Design Systems by 0.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,988,851 shares of the software maker's stock valued at $1,081,098,000 after buying an additional 37,452 shares in the last quarter. Nordea Investment Management AB grew its stake in shares of 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 valued at $885,356,000 after buying an additional 178,212 shares in the last quarter. Finally, Janus Henderson Group PLC grew its stake in shares of Cadence Design Systems by 3.6% in the third quarter. Janus Henderson Group PLC now owns 2,244,676 shares of the software maker's stock valued at $608,373,000 after buying an additional 77,246 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $243.21 on Monday. The stock has a market cap of $66.67 billion, a P/E ratio of 63.01, a PEG ratio of 3.88 and a beta of 1.05. The company's 50-day simple moving average is $288.68 and its 200 day simple moving average is $285.45. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a twelve month low of $233.72 and a twelve month high of $328.99.

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Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings results 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 the consensus estimate of $1.35 billion. As a group, research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 5,920 shares of Cadence Design Systems stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the completion of the sale, the chief executive officer now owns 55,874 shares of the company's stock, valued at approximately $16,987,930.96. The trade was a 9.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Paul Scannell sold 3,171 shares of Cadence Design Systems stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $305.78, for a total transaction of $969,628.38. Following the sale, the vice president now directly owns 14,318 shares of the company's stock, valued at $4,378,158.04. The trade was a 18.13 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 108,416 shares of company stock worth $33,504,126. Insiders own 1.99% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on CDNS. Loop Capital lowered their target price on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a research note on Wednesday, February 19th. Wells Fargo & Company began coverage on Cadence Design Systems in a research note on Friday, November 22nd. They set an "overweight" rating and a $350.00 price objective for the company. Piper Sandler boosted their target price 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. Needham & Company LLC reiterated a "buy" rating and set a $325.00 target price on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Finally, StockNews.com cut Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $326.92.

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.

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