KLP Kapitalforvaltning AS Takes $29.30 Million Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

KLP Kapitalforvaltning AS acquired a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 97,500 shares of the software maker's stock, valued at approximately $29,295,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Principal Financial Group Inc. grew its position in 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 worth $672,300,000 after purchasing an additional 216,075 shares during the last quarter. Pittenger & Anderson Inc. boosted its stake in Cadence Design Systems by 50.1% during the 4th quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker's stock valued at $1,589,000 after purchasing an additional 1,766 shares in the last quarter. Meridiem Investment Management Ltd. grew its holdings in Cadence Design Systems by 64.3% during the fourth quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker's stock worth $235,625,000 after acquiring an additional 306,887 shares during the period. Nisa Investment Advisors LLC boosted its position in shares of Cadence Design Systems by 132.1% during 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 in the last quarter. Finally, Avanza Fonder AB bought a new stake in Cadence Design Systems during the fourth quarter worth approximately $6,046,000. Institutional investors own 84.85% of the company's stock.

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Cadence Design Systems Price Performance

CDNS stock traded down $0.87 during trading on Thursday, hitting $262.54. 1,349,771 shares of the stock traded hands, compared to its average volume of 1,807,734. The stock has a market cap of $71.96 billion, a price-to-earnings ratio of 68.02, a P/E/G ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a one year low of $230.09 and a one year high of $328.99. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The company has a 50 day simple moving average of $276.25 and a 200 day simple moving average of $284.31.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts' consensus estimates of $1.82 by ($0.33). The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. Equities analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have issued reports on CDNS. StockNews.com downgraded shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Mizuho increased their price target on Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a report on Friday, December 13th. 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. Redburn Atlantic started coverage on Cadence Design Systems in a research report on Monday, January 13th. They issued a "buy" rating and a $350.00 price objective for the company. Finally, Bank of America cut their price objective on shares of Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating for the company in a research report on Wednesday, February 19th. One equities 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. Based on data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and an average price target of $324.83.

Insider Buying and Selling

In other news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total transaction of $198,146.00. Following the transaction, the vice president now directly owns 59,311 shares in the company, valued at approximately $18,080,365.24. This represents a 1.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total value of $1,799,916.80. Following the completion of the transaction, the chief executive officer now owns 55,874 shares in the company, valued at $16,987,930.96. The trade was a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 101,021 shares of company stock worth $31,229,155 in the last 90 days. Corporate insiders own 1.99% of the company's stock.

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.