Platinum Investment Management Ltd. Boosts Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Platinum Investment Management Ltd. lifted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 42.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,448 shares of the software maker's stock after buying an additional 1,635 shares during the quarter. Platinum Investment Management Ltd.'s holdings in Cadence Design Systems were worth $1,637,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Trillium Asset Management LLC increased its stake in shares of Cadence Design Systems by 43.3% during the fourth quarter. Trillium Asset Management LLC now owns 80,030 shares of the software maker's stock valued at $24,045,000 after purchasing an additional 24,178 shares in the last quarter. Intech Investment Management LLC raised its stake in Cadence Design Systems by 60.5% during the fourth quarter. Intech Investment Management LLC now owns 22,736 shares of the software maker's stock valued at $6,831,000 after buying an additional 8,570 shares during the last quarter. Generali Asset Management SPA SGR bought a new stake in Cadence Design Systems in the fourth quarter worth $5,918,000. Horizon Investments LLC grew its stake in shares of Cadence Design Systems by 72.5% in the fourth quarter. Horizon Investments LLC now owns 11,876 shares of the software maker's stock worth $3,568,000 after acquiring an additional 4,993 shares during the last quarter. Finally, PDS Planning Inc increased its holdings in shares of Cadence Design Systems by 5.6% during the fourth quarter. PDS Planning Inc now owns 1,629 shares of the software maker's stock valued at $489,000 after acquiring an additional 86 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

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Analyst Ratings Changes

CDNS has been the topic of several recent analyst reports. Oppenheimer cut their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a research report on Wednesday. Mizuho raised their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a research report on Friday, December 13th. Loop Capital lowered their price objective on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a research report on Wednesday, February 19th. Piper Sandler lifted their target price on Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a report on Wednesday, February 19th. Finally, StockNews.com cut Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $324.83.

Cadence Design Systems Stock Performance

NASDAQ CDNS traded up $3.92 during trading hours on Friday, hitting $262.42. 5,699,757 shares of the company's stock traded hands, compared to its average volume of 1,808,735. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 52 week low of $230.09 and a 52 week high of $328.99. The firm has a market capitalization of $71.93 billion, a P/E ratio of 67.98, a P/E/G ratio of 3.88 and a beta of 1.05. The business's fifty day moving average price is $278.01 and its two-hundred day moving average price is $283.98.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate 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 company had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. Equities research analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Buying and Selling

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the sale, the vice president now directly owns 58,123 shares of the company's stock, valued at $14,689,425.79. This represents a 1.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction on 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 owns 55,874 shares of the company's stock, valued at $16,987,930.96. The trade was a 9.58 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 101,021 shares of company stock valued at $31,229,155. 1.99% of the stock is 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.