Intech Investment Management LLC Acquires 8,570 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Intech Investment Management LLC lifted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 60.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,736 shares of the software maker's stock after purchasing an additional 8,570 shares during the quarter. Intech Investment Management LLC's holdings in Cadence Design Systems were worth $6,831,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CDNS. State Street Corp raised its stake in shares of Cadence Design Systems by 0.5% in the 3rd quarter. State Street Corp now owns 11,922,747 shares of the software maker's stock valued at $3,231,422,000 after buying an additional 60,490 shares in the last quarter. Jennison Associates LLC boosted its holdings in 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 purchasing an additional 404,076 shares in the last quarter. 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 3rd 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 purchasing an additional 37,452 shares during the period. Nordea Investment Management AB lifted its position in shares of Cadence Design Systems by 6.5% during the 4th quarter. Nordea Investment Management AB now owns 2,933,392 shares of the software maker's stock worth $885,356,000 after buying an additional 178,212 shares during the period. Finally, Janus Henderson Group PLC boosted its stake in Cadence Design Systems by 3.6% in the 3rd 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.

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Cadence Design Systems Trading Up 1.5 %

Cadence Design Systems stock traded up $3.92 during midday trading on Friday, hitting $262.42. 5,699,757 shares of the stock were exchanged, compared to its average volume of 1,808,735. Cadence Design Systems, Inc. has a 52 week low of $230.09 and a 52 week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $71.93 billion, a PE ratio of 67.98, a P/E/G ratio of 3.88 and a beta of 1.05. The company has a fifty day simple moving average of $278.01 and a two-hundred day simple moving average of $283.98.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing the consensus estimate of $1.82 by ($0.33). The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. Equities research 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 brokerages recently issued reports on CDNS. Piper Sandler increased their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 19th. Mizuho raised their target price on Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a research note on Friday, December 13th. Needham & Company LLC restated a "buy" rating and issued a $325.00 price objective on shares of Cadence Design Systems in a research 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 research report on Wednesday, February 19th. Finally, Oppenheimer dropped their target price on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research report on Wednesday. One research 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. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $324.83.

Insiders Place Their Bets

In related news, CEO Anirudh Devgan sold 5,920 shares of the company's 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 transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $16,987,930.96. This represents a 9.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the company's 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 owns 58,123 shares of the company's stock, 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 valued at $31,229,155 in the last three months. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Company 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.