Schroder Investment Management Group Boosts Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Schroder Investment Management Group increased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 53.1% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,064,219 shares of the software maker's stock after buying an additional 716,041 shares during the quarter. Schroder Investment Management Group owned 0.75% of Cadence Design Systems worth $623,105,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of CDNS. Golden State Wealth Management LLC bought a new stake in shares of Cadence Design Systems during the fourth quarter worth $28,000. Avalon Trust Co acquired a new position in Cadence Design Systems in the 4th quarter worth about $39,000. Versant Capital Management Inc raised its position in Cadence Design Systems by 164.2% in the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock valued at $42,000 after purchasing an additional 87 shares during the last quarter. Prestige Wealth Management Group LLC boosted its stake in shares of Cadence Design Systems by 56.6% during the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker's stock valued at $45,000 after purchasing an additional 60 shares in the last quarter. Finally, OFI Invest Asset Management bought a new stake in shares of Cadence Design Systems during the fourth quarter worth about $46,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Stock Down 6.3 %

Shares of NASDAQ CDNS traded down $16.70 during trading on Thursday, hitting $248.24. 811,412 shares of the company traded hands, compared to its average volume of 1,881,811. The firm has a market capitalization of $68.10 billion, a price-to-earnings ratio of 64.31, a P/E/G ratio of 3.88 and a beta of 1.05. The business's fifty day moving average is $271.35 and its 200 day moving average is $284.21. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. Cadence Design Systems, Inc. has a fifty-two week low of $230.09 and a fifty-two week high of $328.99.

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Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. Equities research analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Oppenheimer dropped their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a report on Wednesday, March 19th. Robert W. Baird cut their price target on shares of Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating on the stock in a report on Thursday, February 20th. StockNews.com downgraded Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. Piper Sandler lifted their target price on Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a report on Wednesday, February 19th. Finally, Rosenblatt Securities increased their price target on Cadence Design Systems from $280.00 to $295.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. One investment 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 MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $324.83.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the business's stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total transaction of $190,008.00. Following the completion of the sale, the vice president now directly 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. The trade was a 62.51 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 94,451 shares of company stock worth $29,231,093. 1.99% of the stock is 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.