Norges Bank Makes New $1.17 Billion Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Norges Bank acquired a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 3,894,724 shares of the software maker's stock, valued at approximately $1,170,209,000. Norges Bank owned about 1.42% of Cadence Design Systems at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Golden State Wealth Management LLC acquired a new position in Cadence Design Systems in the fourth quarter valued at $28,000. Avalon Trust Co purchased a new position in shares of Cadence Design Systems during the fourth quarter worth about $39,000. Versant Capital Management Inc grew its stake in shares of Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock valued at $42,000 after purchasing an additional 87 shares during the last quarter. Prestige Wealth Management Group LLC grew its position in Cadence Design Systems by 56.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker's stock valued at $45,000 after buying an additional 60 shares during the last quarter. Finally, OFI Invest Asset Management purchased a new stake in shares of Cadence Design Systems in the fourth quarter valued at about $46,000. Hedge funds and other institutional investors own 84.85% of the company's stock.

Insider Activity

In other news, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction 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 completion of the sale, the chief executive officer now owns 55,874 shares of the company's stock, valued at $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Cunningham sold 650 shares of the company's stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total value of $198,146.00. Following the completion of the transaction, the vice president now owns 59,311 shares of the company's stock, valued at $18,080,365.24. The trade was a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 101,021 shares of company stock valued at $31,229,155 over the last 90 days. Insiders own 1.99% of the company's stock.

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Cadence Design Systems Price Performance

Shares of CDNS stock traded up $3.21 during trading hours on Tuesday, hitting $257.54. The company's stock had a trading volume of 363,662 shares, compared to its average volume of 1,875,330. Cadence Design Systems, Inc. has a twelve month low of $230.09 and a twelve month 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 business has a fifty day moving average of $273.52 and a 200-day moving average of $284.41. The stock has a market cap of $70.65 billion, a price-to-earnings ratio of 66.67, a P/E/G ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). The company had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. As a group, equities research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Loop Capital reduced their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a research report on Wednesday, February 19th. Robert W. Baird decreased their price target on Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating on the stock in a research note on Thursday, February 20th. Redburn Atlantic assumed 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. Mizuho raised their target price on Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a report on Friday, December 13th. Finally, Piper Sandler upped their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Cadence Design Systems currently has an average rating of "Moderate Buy" and a consensus target price of $324.83.

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.