Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Norinchukin Bank The

Norinchukin Bank The increased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 9.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,904 shares of the software maker's stock after buying an additional 1,290 shares during the quarter. Norinchukin Bank The's holdings in Cadence Design Systems were worth $4,478,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its holdings in shares of Cadence Design Systems by 10.7% during the fourth quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker's stock valued at $672,300,000 after buying an additional 216,075 shares during the last quarter. Pittenger & Anderson Inc. grew its stake in Cadence Design Systems by 50.1% during the 4th quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker's stock valued at $1,589,000 after purchasing an additional 1,766 shares during the last quarter. Meridiem Investment Management Ltd. increased its holdings in shares of Cadence Design Systems by 64.3% in the fourth quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker's stock valued at $235,625,000 after purchasing an additional 306,887 shares during the period. Nisa Investment Advisors LLC raised its stake in shares of Cadence Design Systems by 132.1% in the fourth quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker's stock worth $41,850,000 after purchasing an additional 79,268 shares during the last quarter. Finally, Avanza Fonder AB purchased a new stake in Cadence Design Systems in the fourth quarter valued at approximately $6,046,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total value of $164,216.00. Following the transaction, the vice president now directly owns 108,799 shares of the company's stock, valued at $27,486,979.36. This trade represents a 0.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last three months, insiders have sold 1,950 shares of company stock valued at $518,499. Corporate insiders own 1.99% of the company's stock.

Analyst Ratings Changes

CDNS has been the subject of several research reports. Needham & Company LLC restated a "buy" rating and set a $325.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Robert W. Baird cut their price target on Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating on the stock in a research report on Thursday, February 20th. Mizuho lowered their target price on Cadence Design Systems from $350.00 to $300.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 15th. Redburn Atlantic initiated coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a "buy" rating and a $350.00 price target for the company. Finally, Rosenblatt Securities raised their price objective on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat.com, Cadence Design Systems has a consensus rating of "Moderate Buy" and a consensus price target of $321.00.

Cadence Design Systems Price Performance

CDNS stock traded up $5.19 during trading on Friday, hitting $286.97. The stock had a trading volume of 1,172,716 shares, compared to its average volume of 1,927,976. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $328.99. The company's 50-day moving average price is $254.75 and its two-hundred day moving average price is $281.98. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The stock has a market capitalization of $78.72 billion, a P/E ratio of 74.34, a PEG ratio of 3.88 and a beta of 1.14.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued 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). 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, research analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal 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.