Cadence Design Systems, Inc. (NASDAQ:CDNS) Position Increased by Prudential PLC

Prudential PLC grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 53.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,553 shares of the software maker's stock after buying an additional 9,950 shares during the quarter. Prudential PLC's holdings in Cadence Design Systems were worth $8,579,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Principal Financial Group Inc. lifted its stake in Cadence Design Systems by 33.0% in the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker's stock valued at $547,886,000 after buying an additional 501,833 shares in the last quarter. HighTower Advisors LLC boosted its stake in shares of Cadence Design Systems by 3.4% during the third quarter. HighTower Advisors LLC now owns 41,916 shares of the software maker's stock valued at $11,388,000 after acquiring an additional 1,393 shares during the last quarter. IHT Wealth Management LLC increased its position in Cadence Design Systems by 41.5% during the 3rd quarter. IHT Wealth Management LLC now owns 1,466 shares of the software maker's stock worth $394,000 after purchasing an additional 430 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in Cadence Design Systems in the 3rd quarter valued at about $20,687,000. Finally, Royal London Asset Management Ltd. lifted its holdings in Cadence Design Systems by 4.4% in the 3rd quarter. Royal London Asset Management Ltd. now owns 148,107 shares of the software maker's stock valued at $40,141,000 after purchasing an additional 6,231 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

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Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Needham & Company LLC reissued a "buy" rating and issued a $325.00 price objective on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Loop Capital cut their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a report on Wednesday, February 19th. 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 report on Wednesday, February 19th. Redburn Atlantic assumed coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They issued a "buy" rating and a $350.00 price target on the stock. Finally, Oppenheimer dropped their price objective on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a report on Wednesday, March 19th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $324.83.

Cadence Design Systems Stock Down 5.4 %

Cadence Design Systems stock traded down $14.34 during midday trading on Thursday, hitting $250.32. 1,045,921 shares of the company were exchanged, compared to its average volume of 1,934,323. The company has a market cap of $68.66 billion, a PE ratio of 64.80, a price-to-earnings-growth ratio of 3.88 and a beta of 1.14. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $328.99. The company's fifty day moving average price is $263.12 and its 200-day moving average price is $282.67. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27.

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

Insider Activity at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the business's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $292.32, for a total value of $190,008.00. Following the completion of the sale, the vice president now owns 58,773 shares of the company's stock, valued at approximately $17,180,523.36. The trade was a 1.09 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders sold 1,950 shares of company stock valued at $518,499. Insiders own 1.99% of the company's stock.

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.