Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. boosted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 33.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,021,494 shares of the software maker's stock after purchasing an additional 501,833 shares during the period. Principal Financial Group Inc. owned about 0.74% of Cadence Design Systems worth $547,886,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in CDNS. ORG Partners LLC grew its position in Cadence Design Systems by 911.1% during the second quarter. ORG Partners LLC now owns 91 shares of the software maker's stock worth $28,000 after buying an additional 82 shares during the period. Chilton Capital Management LLC grew its stake in Cadence Design Systems by 244.0% in the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker's stock valued at $53,000 after acquiring an additional 122 shares during the last quarter. Larson Financial Group LLC increased its holdings in Cadence Design Systems by 159.7% during the 2nd quarter. Larson Financial Group LLC now owns 200 shares of the software maker's stock valued at $62,000 after acquiring an additional 123 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Cadence Design Systems during the second quarter worth about $69,000. Finally, Opal Wealth Advisors LLC acquired a new stake in shares of Cadence Design Systems in the second quarter valued at approximately $77,000. Hedge funds and other institutional investors own 84.85% of the company's stock.

Cadence Design Systems Stock Up 1.7 %

Shares of CDNS stock traded up $5.01 on Thursday, hitting $301.76. The stock had a trading volume of 1,118,278 shares, compared to its average volume of 1,780,733. The stock's 50 day moving average is $268.72 and its 200-day moving average is $281.85. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The firm has a market capitalization of $82.76 billion, a price-to-earnings ratio of 79.19, a P/E/G ratio of 3.54 and a beta of 1.02. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on CDNS shares. Oppenheimer assumed coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They issued an "underperform" rating and a $225.00 target price on the stock. Piper Sandler raised shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and set a $318.00 price objective for the company in a research report on Tuesday, August 6th. Berenberg Bank started coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They set a "buy" rating and a $320.00 target price on the stock. Rosenblatt Securities restated a "neutral" rating and set a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 29th. Finally, Mizuho started coverage on Cadence Design Systems in a research note on Tuesday, October 22nd. They issued an "outperform" rating and a $325.00 price target on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, Cadence Design Systems has a consensus rating of "Moderate Buy" and an average price target of $323.17.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Chin-Chi Teng sold 10,000 shares of the company's stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $276.36, for a total value of $2,763,600.00. Following the sale, the vice president now owns 95,408 shares in the company, valued at approximately $26,366,954.88. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm's stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total value of $425,490.00. Following the transaction, the director now directly owns 42,051 shares in the company, valued at approximately $11,928,186.66. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Chin-Chi Teng sold 10,000 shares of the firm's stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $276.36, for a total value of $2,763,600.00. Following the completion of the sale, the vice president now owns 95,408 shares in the company, valued at $26,366,954.88. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,347 shares of company stock worth $7,734,616 in the last ninety days. 0.62% of the stock is owned by insiders.

About Cadence Design Systems

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.