Capital International Inc. CA Boosts Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Capital International Inc. CA increased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 38.1% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 9,264 shares of the software maker's stock after acquiring an additional 2,557 shares during the period. Capital International Inc. CA's holdings in Cadence Design Systems were worth $2,783,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Golden State Wealth Management LLC purchased a new stake in Cadence Design Systems in the 4th quarter valued at $28,000. Avalon Trust Co acquired a new position in shares of Cadence Design Systems during the 4th quarter valued at about $39,000. Versant Capital Management Inc grew its holdings in shares of 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 period. OFI Invest Asset Management purchased a new position in Cadence Design Systems during the fourth quarter worth about $46,000. Finally, Synergy Investment Management LLC acquired a new position in Cadence Design Systems in the 4th quarter valued at about $50,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS traded up $7.85 during trading on Friday, hitting $289.63. 2,413,618 shares of the company were exchanged, compared to its average volume of 1,932,741. 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 firm's fifty day moving average price is $254.75 and its 200 day moving average price is $281.98. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $328.99. The company has a market cap of $79.45 billion, a price-to-earnings ratio of 75.03, a PEG ratio of 3.88 and a beta of 1.14.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released 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). 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 analyst estimates of $1.35 billion. On average, sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total transaction of $164,274.50. Following the sale, the vice president now owns 58,123 shares in the company, valued at $14,689,425.79. This trade represents a 1.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last quarter, insiders sold 1,950 shares of company stock worth $518,499. 1.99% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

CDNS has been the topic of several analyst reports. Loop Capital reduced their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a research report on Wednesday, February 19th. Piper Sandler upped their price target on Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a research note on Wednesday, February 19th. StockNews.com lowered shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. Needham & Company LLC reaffirmed a "buy" rating and set a $325.00 target price on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Finally, Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They issued a "buy" rating and a $350.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $321.00.

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.