Premier Fund Managers Ltd raised its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 109.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 65,637 shares of the software maker's stock after acquiring an additional 34,281 shares during the quarter. Premier Fund Managers Ltd's holdings in Cadence Design Systems were worth $19,813,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew 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 purchasing an additional 201,340 shares during the period. State Street Corp lifted its position in shares of Cadence Design Systems by 0.5% during 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 buying an additional 60,490 shares in the last quarter. Jennison Associates LLC grew its stake in Cadence Design Systems by 5.3% in 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 during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Cadence Design Systems by 0.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,988,851 shares of the software maker's stock worth $1,081,098,000 after acquiring an additional 37,452 shares in the last quarter. Finally, Norges Bank acquired a new position in Cadence Design Systems during the fourth quarter worth $1,170,209,000. Institutional investors and hedge funds own 84.85% of the company's stock.
Cadence Design Systems Trading Up 0.8 %
CDNS stock traded up $2.14 during trading on Tuesday, reaching $256.47. 404,007 shares of the stock were exchanged, compared to its average volume of 2,086,987. 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 firm has a market capitalization of $70.35 billion, a price-to-earnings ratio of 66.41, a P/E/G ratio of 3.88 and a beta of 1.05. The business has a 50 day moving average price of $273.52 and a 200-day moving average price of $284.41. Cadence Design Systems, Inc. has a 1 year low of $230.09 and a 1 year high of $328.99.
Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate of $1.82 by ($0.33). The firm had revenue of $1.36 billion for 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%. On average, research analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.
Wall Street Analyst Weigh In
A number of analysts have recently commented on the stock. Redburn Atlantic assumed coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They set a "buy" rating and a $350.00 target price for the company. Needham & Company LLC reissued a "buy" rating and set a $325.00 target price on shares of Cadence Design Systems in a report on Wednesday, February 19th. Bank of America decreased their target price on Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating on the stock in a research report on Wednesday, February 19th. Mizuho boosted their price target on Cadence Design Systems from $325.00 to $350.00 and gave the stock an "outperform" rating in a research report on Friday, December 13th. Finally, Rosenblatt Securities raised their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the company a "neutral" rating 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 issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $324.83.
Check Out Our Latest Stock Report on Cadence Design Systems
Insider Transactions at Cadence Design Systems
In related news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the transaction, the chief executive officer now owns 55,874 shares of the company's stock, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total transaction of $164,274.50. Following the completion of the sale, the vice president now owns 58,123 shares of the company's stock, valued at $14,689,425.79. This trade represents a 1.11 % 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 worth $31,229,155. 1.99% of the stock is currently owned by company insiders.
Cadence Design Systems 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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