Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Nordea Investment Management AB

Nordea Investment Management AB grew its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 6.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,933,392 shares of the software maker's stock after purchasing an additional 178,212 shares during the quarter. Cadence Design Systems makes up 0.9% of Nordea Investment Management AB's holdings, making the stock its 17th biggest position. Nordea Investment Management AB owned about 1.07% of Cadence Design Systems worth $885,356,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Cadence Design Systems by 48.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker's stock worth $258,136,000 after buying an additional 310,250 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec purchased a new position in Cadence Design Systems in the 3rd quarter worth approximately $24,026,000. Teamwork Financial Advisors LLC boosted its holdings in shares of Cadence Design Systems by 19.4% during the 3rd quarter. Teamwork Financial Advisors LLC now owns 13,131 shares of the software maker's stock worth $3,559,000 after purchasing an additional 2,136 shares during the last quarter. Jennison Associates LLC grew its position in shares of Cadence Design Systems by 2.7% in the third quarter. Jennison Associates LLC now owns 7,606,175 shares of the software maker's stock valued at $2,061,502,000 after purchasing an additional 198,230 shares in the last quarter. Finally, Vontobel Holding Ltd. increased its holdings in shares of Cadence Design Systems by 5.3% in the third quarter. Vontobel Holding Ltd. now owns 228,597 shares of the software maker's stock valued at $61,957,000 after purchasing an additional 11,568 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Cadence Design Systems Trading Up 1.4 %

CDNS traded up $4.28 during mid-day trading on Monday, hitting $308.14. 1,513,085 shares of the stock were exchanged, compared to its average volume of 1,269,756. The company has a market cap of $84.51 billion, a PE ratio of 80.88, a PEG ratio of 4.19 and a beta of 1.04. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The firm's fifty day moving average is $301.62 and its two-hundred day moving average is $285.78.

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

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CDNS. Berenberg Bank initiated coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They set a "buy" rating and a $320.00 price objective on the stock. Robert W. Baird upped their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an "outperform" rating in a report on Tuesday, October 29th. Needham & Company LLC cut their price objective on shares of Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating for the company in a research report on Tuesday, October 29th. 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 target price on the stock. Finally, Rosenblatt Securities restated a "neutral" rating and set a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $327.92.

Insider Transactions at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 5,920 shares of the business's stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total value of $1,799,916.80. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares of the company's stock, valued at approximately $16,987,930.96. The trade was a 9.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $276.00, for a total value of $179,400.00. Following the transaction, the vice president now owns 61,111 shares in the company, valued at $16,866,636. This represents a 1.05 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,790 shares of company stock valued at $5,083,537. 1.99% of the stock is currently owned by corporate insiders.

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.