Caisse Des Depots ET Consignations Takes Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Caisse Des Depots ET Consignations bought a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 3,149 shares of the software maker's stock, valued at approximately $946,000.

A number of other institutional investors also recently modified their holdings of CDNS. Principal Financial Group Inc. grew its stake in shares of Cadence Design Systems by 10.7% in the 4th 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 in the last quarter. Pittenger & Anderson Inc. increased its stake in shares of Cadence Design Systems by 50.1% during the 4th quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker's stock worth $1,589,000 after purchasing an additional 1,766 shares during the last quarter. Meridiem Investment Management Ltd. raised its holdings in shares of Cadence Design Systems by 64.3% during the 4th 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 in the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of Cadence Design Systems by 132.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker's stock valued at $41,850,000 after purchasing an additional 79,268 shares during the last quarter. Finally, Avanza Fonder AB acquired a new position in Cadence Design Systems during the fourth quarter worth $6,046,000. Institutional investors and hedge funds own 84.85% of the company's stock.

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Cadence Design Systems Price Performance

NASDAQ:CDNS traded up $3.21 during mid-day trading on Tuesday, hitting $257.54. The company's stock had a trading volume of 363,662 shares, compared to its average volume of 1,875,330. The company has a market capitalization of $70.65 billion, a price-to-earnings ratio of 66.67, a P/E/G ratio of 3.88 and a beta of 1.05. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a fifty-two week low of $230.09 and a fifty-two week high of $328.99. The stock has a fifty day moving average of $273.52 and a 200-day moving average of $284.41.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 return on equity of 29.24% and a net margin of 22.74%. As a group, equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Activity

In other news, CEO Anirudh Devgan sold 5,920 shares of the firm's stock in a transaction that occurred on 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. This trade represents a 9.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the business's stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total value of $198,146.00. Following the completion of the transaction, the vice president now directly owns 59,311 shares in the company, valued at $18,080,365.24. The trade was a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 101,021 shares of company stock worth $31,229,155. Corporate insiders own 1.99% of the company's stock.

Analyst Upgrades and Downgrades

CDNS has been the subject of several recent analyst reports. Rosenblatt Securities upped their price objective on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Robert W. Baird lowered 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. Redburn Atlantic started coverage on Cadence Design Systems in a research note on Monday, January 13th. They set a "buy" rating and a $350.00 target price for the company. Bank of America dropped their price target on Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating on the stock in a research report on Wednesday, February 19th. Finally, StockNews.com downgraded shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Cadence Design Systems has a consensus rating of "Moderate Buy" and a consensus price target of $324.83.

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.