Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by E. Ohman J or Asset Management AB

E. Ohman J or Asset Management AB raised its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 10.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 12,400 shares of the software maker's stock after acquiring an additional 1,200 shares during the period. E. Ohman J or Asset Management AB's holdings in Cadence Design Systems were worth $3,726,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in CDNS. abrdn plc boosted its stake in Cadence Design Systems by 12.5% during the fourth quarter. abrdn plc now owns 679,841 shares of the software maker's stock valued at $205,421,000 after buying an additional 75,670 shares during the last quarter. Jennison Associates LLC raised its holdings in shares of Cadence Design Systems by 5.3% during the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker's stock worth $2,406,760,000 after acquiring an additional 404,076 shares in the last quarter. Resonant Capital Advisors LLC grew its holdings in shares of Cadence Design Systems by 5.9% in the fourth quarter. Resonant Capital Advisors LLC now owns 1,037 shares of the software maker's stock valued at $312,000 after purchasing an additional 58 shares in the last quarter. Chicago Capital LLC raised its stake in Cadence Design Systems by 2.9% during the fourth quarter. Chicago Capital LLC now owns 48,776 shares of the software maker's stock valued at $14,655,000 after purchasing an additional 1,364 shares in the last quarter. Finally, Magnolia Capital Advisors LLC bought a new position in Cadence Design Systems during the fourth quarter valued at $248,000. Institutional investors own 84.85% of the company's stock.

Insider Buying and Selling at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the business's stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $306.19, for a total transaction of $199,023.50. Following the completion of the transaction, the vice president now owns 60,461 shares in the company, valued at $18,512,553.59. The trade was a 1.06 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Paul Scannell sold 3,171 shares of Cadence Design Systems stock in a transaction on Friday, December 13th. The stock was sold at an average price of $305.78, for a total transaction of $969,628.38. Following the completion of the transaction, the vice president now directly owns 14,318 shares in the company, valued at $4,378,158.04. This represents a 18.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 107,766 shares of company stock valued at $33,348,867. 0.62% of the stock is currently owned by corporate insiders.

Cadence Design Systems Stock Up 0.7 %

Shares of NASDAQ CDNS traded up $2.00 during midday trading on Wednesday, reaching $301.67. 389,631 shares of the company's stock traded hands, compared to its average volume of 1,518,567. The company has a market cap of $82.73 billion, a price-to-earnings ratio of 79.15, a P/E/G ratio of 3.42 and a beta of 1.03. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The stock's 50 day simple moving average is $304.81 and its 200-day simple moving average is $284.68.

Wall Street Analyst Weigh In

CDNS has been the subject of a number of analyst reports. Mizuho increased their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a report on Friday, December 13th. Robert W. Baird lifted their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 29th. Loop Capital initiated coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They issued a "buy" rating and a $360.00 price objective for the company. Berenberg Bank initiated coverage on Cadence Design Systems in a report on Tuesday, October 15th. They issued a "buy" rating and a $320.00 price target on the stock. Finally, Redburn Atlantic assumed coverage on Cadence Design Systems in a report on Monday, January 13th. They set a "buy" rating and a $350.00 price objective for the company. One research analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $329.50.

Cadence Design Systems 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.