Geode Capital Management LLC raised its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 2.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,021,405 shares of the software maker's stock after purchasing an additional 135,251 shares during the quarter. Geode Capital Management LLC owned about 2.20% of Cadence Design Systems worth $1,806,019,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Cadence Design Systems by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker's stock valued at $7,784,674,000 after buying an additional 201,340 shares during the period. State Street Corp raised its stake in shares of Cadence Design Systems by 0.5% in the 3rd quarter. State Street Corp now owns 11,922,747 shares of the software maker's stock valued at $3,231,422,000 after acquiring an additional 60,490 shares during the period. Jennison Associates LLC lifted 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 valued at $2,406,760,000 after acquiring an additional 404,076 shares in the last quarter. Alliancebernstein L.P. boosted its position in Cadence Design Systems by 12.5% during the 4th quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock worth $1,705,469,000 after purchasing an additional 632,175 shares during the period. Finally, Franklin Resources Inc. increased its holdings in Cadence Design Systems by 5.2% in the 4th quarter. Franklin Resources Inc. now owns 4,821,666 shares of the software maker's stock valued at $1,448,718,000 after purchasing an additional 238,535 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several equities research analysts have recently weighed in on the company. Oppenheimer decreased their target price on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research report on Wednesday, March 19th. Loop Capital decreased their price target on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a report on Wednesday, February 19th. Redburn Atlantic started coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They set a "buy" rating and a $350.00 price objective on the stock. Piper Sandler boosted their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 19th. Finally, Bank of America lowered their price target on shares of Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating for the company in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $324.83.
View Our Latest Stock Report on CDNS
Cadence Design Systems Stock Down 6.4 %
Shares of Cadence Design Systems stock traded down $16.03 during trading on Friday, reaching $232.88. The company had a trading volume of 4,201,295 shares, compared to its average volume of 1,908,919. The company has a market cap of $63.88 billion, a price-to-earnings ratio of 60.33, a price-to-earnings-growth ratio of 3.88 and a beta of 1.14. Cadence Design Systems, Inc. has a fifty-two week low of $230.09 and a fifty-two week high of $328.99. The firm's fifty day moving average is $268.08 and its 200-day moving average is $283.75. 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 (NASDAQ:CDNS - Get Free Report) last released its earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts' consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. On average, analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.
Insiders Place Their Bets
In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total value of $190,008.00. Following the completion of the transaction, the vice president now directly owns 58,773 shares in the company, valued at $17,180,523.36. The trade was a 1.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the sale, the chief executive officer now owns 55,874 shares in the company, valued at $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 95,101 shares of company stock valued at $29,395,309 over the last 90 days. 1.99% of the stock is owned by company insiders.
Cadence Design Systems Company Profile
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Free Report)
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.
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