Royal London Asset Management Ltd. Raises Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Royal London Asset Management Ltd. increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 5.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 155,873 shares of the software maker's stock after purchasing an additional 7,766 shares during the quarter. Royal London Asset Management Ltd. owned approximately 0.06% of Cadence Design Systems worth $46,834,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Avior Wealth Management LLC raised its holdings in shares of Cadence Design Systems by 12.4% during the 4th quarter. Avior Wealth Management LLC now owns 326 shares of the software maker's stock worth $98,000 after acquiring an additional 36 shares in the last quarter. Lindbrook Capital LLC increased its holdings in Cadence Design Systems by 1.7% during the 4th quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker's stock worth $670,000 after purchasing an additional 38 shares during the period. Empower Advisory Group LLC raised its holdings in shares of Cadence Design Systems by 4.9% in the fourth quarter. Empower Advisory Group LLC now owns 875 shares of the software maker's stock valued at $263,000 after acquiring an additional 41 shares in the last quarter. Marcum Wealth LLC raised its holdings in shares of Cadence Design Systems by 4.1% in the 4th quarter. Marcum Wealth LLC now owns 1,123 shares of the software maker's stock valued at $337,000 after purchasing an additional 44 shares in the last quarter. Finally, CX Institutional raised its stake in Cadence Design Systems by 2.6% in the fourth quarter. CX Institutional now owns 1,791 shares of the software maker's stock worth $538,000 after buying an additional 46 shares in the last quarter. Institutional investors own 84.85% of the company's stock.

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Wall Street Analyst Weigh In

CDNS has been the topic of a number of recent analyst reports. Bank of America lowered their price target on shares of Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating on the stock in a report on Wednesday, February 19th. Rosenblatt Securities increased their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. Redburn Atlantic began coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a "buy" rating and a $350.00 price target on the stock. Piper Sandler boosted their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a research note on Wednesday, February 19th. Finally, StockNews.com downgraded Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $324.83.

Insiders Place Their Bets

In related news, CEO Anirudh Devgan sold 5,920 shares of Cadence Design Systems stock in a transaction that occurred on 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 owns 55,874 shares in the company, valued at $16,987,930.96. The trade was a 9.58 % decrease in their ownership of the stock. The sale was disclosed in a legal 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 on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the transaction, the vice president now directly owns 58,123 shares in the company, valued at $14,689,425.79. This trade represents a 1.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 101,021 shares of company stock worth $31,229,155 over the last three months. Company insiders own 1.99% of the company's stock.

Cadence Design Systems Trading Up 0.7 %

Shares of CDNS traded up $1.96 during midday trading on Tuesday, reaching $269.11. The company had a trading volume of 1,253,453 shares, compared to its average volume of 1,809,493. Cadence Design Systems, Inc. has a 1-year low of $230.09 and a 1-year high of $328.99. The stock has a market cap of $73.77 billion, a PE ratio of 69.72, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. The firm has a 50 day simple moving average of $277.50 and a 200-day simple moving average of $284.31. 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 (NASDAQ:CDNS - Get Free Report) last posted its earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts' consensus estimates 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 business had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. Research analysts forecast 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.