Czech National Bank Boosts Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Czech National Bank grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 6.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 59,466 shares of the software maker's stock after purchasing an additional 3,686 shares during the period. Czech National Bank's holdings in Cadence Design Systems were worth $17,867,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Oppenheimer & Co. Inc. lifted its position in shares of Cadence Design Systems by 7.8% during the second quarter. Oppenheimer & Co. Inc. now owns 5,237 shares of the software maker's stock worth $1,612,000 after acquiring an additional 377 shares in the last quarter. HBK Sorce Advisory LLC bought a new position in Cadence Design Systems in the 2nd quarter worth about $331,000. Oppenheimer Asset Management Inc. grew its holdings in Cadence Design Systems by 17.3% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 25,988 shares of the software maker's stock valued at $7,998,000 after buying an additional 3,824 shares in the last quarter. Envestnet Asset Management Inc. increased its position in shares of Cadence Design Systems by 8.5% during the second quarter. Envestnet Asset Management Inc. now owns 629,440 shares of the software maker's stock valued at $193,710,000 after buying an additional 49,399 shares during the period. Finally, Brown Brothers Harriman & Co. lifted its holdings in shares of Cadence Design Systems by 72.5% in the second quarter. Brown Brothers Harriman & Co. now owns 2,856 shares of the software maker's stock worth $879,000 after buying an additional 1,200 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Price Performance

NASDAQ CDNS traded up $1.69 on Tuesday, reaching $294.19. 1,260,745 shares of the company's stock traded hands, compared to its average volume of 1,337,385. The stock has a market cap of $80.69 billion, a PE ratio of 77.22, a P/E/G ratio of 4.16 and a beta of 1.04. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The stock has a 50-day simple moving average of $304.32 and a 200 day simple moving average of $285.20.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping analysts' consensus estimates of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company had revenue of $1.22 billion for the quarter, compared to analysts' expectations of $1.18 billion. During the same quarter last year, the company earned $1.01 EPS. The firm's revenue was up 18.8% compared to the same quarter last year. As a group, research analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Insider Activity

In related news, CEO Anirudh Devgan sold 93,151 shares of the company's stock in a transaction on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at $17,320,940. This represents a 62.51 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO John M. Wall sold 4,224 shares of the firm's stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total transaction of $1,305,342.72. Following the completion of the sale, the chief financial officer now directly owns 29,248 shares in the company, valued at approximately $9,038,509.44. This trade represents a 12.62 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 108,416 shares of company stock valued at $33,528,267. Insiders own 1.99% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on CDNS. Berenberg Bank initiated coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They set a "buy" rating and a $320.00 price objective for the company. Loop Capital assumed coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They set a "buy" rating and a $360.00 price target for the company. Oppenheimer initiated coverage on shares of Cadence Design Systems in a report on Wednesday, September 25th. They issued an "underperform" rating and a $225.00 price target on the stock. Rosenblatt Securities reissued a "neutral" rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Finally, Wells Fargo & Company began coverage on Cadence Design Systems in a research note on Friday, November 22nd. They issued an "overweight" rating and a $350.00 target price on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $329.50.

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.