Skandinaviska Enskilda Banken AB publ Lowers Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Skandinaviska Enskilda Banken AB publ lowered its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 26.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 177,808 shares of the software maker's stock after selling 63,164 shares during the quarter. Skandinaviska Enskilda Banken AB publ owned about 0.06% of Cadence Design Systems worth $53,657,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. MidAtlantic Capital Management Inc. bought a new position in Cadence Design Systems in the 3rd quarter valued at $28,000. Golden State Wealth Management LLC purchased a new stake in shares of Cadence Design Systems during the fourth quarter valued at $28,000. Versant Capital Management Inc grew its holdings in shares of Cadence Design Systems by 164.2% in the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock worth $42,000 after purchasing an additional 87 shares during the last quarter. Prestige Wealth Management Group LLC increased its stake 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 worth $45,000 after buying an additional 60 shares during the period. Finally, OFI Invest Asset Management bought a new stake in Cadence Design Systems during the 4th quarter valued at about $46,000. Institutional investors own 84.85% of the company's stock.

Cadence Design Systems Stock Up 2.4 %

Shares of NASDAQ CDNS traded up $5.87 during trading hours on Friday, hitting $247.43. 2,271,059 shares of the stock were exchanged, compared to its average volume of 1,789,325. Cadence Design Systems, Inc. has a 12 month low of $230.09 and a 12 month high of $328.99. The firm has a fifty day moving average price of $282.52 and a 200-day moving average price of $284.12. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The company has a market cap of $67.82 billion, a PE ratio of 64.10, a PEG ratio of 3.88 and a beta of 1.05.

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

Insider Buying and Selling at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 93,151 shares of the company's 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 transaction, the chief executive officer now directly owns 55,874 shares of the company's stock, valued at $17,320,940. This represents a 62.51 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total value of $198,146.00. Following the sale, the vice president now directly owns 59,311 shares of the company's stock, valued at approximately $18,080,365.24. This represents a 1.08 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 105,245 shares of company stock worth $32,534,498. 0.62% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

CDNS has been the topic of a number of research analyst reports. StockNews.com downgraded shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Loop Capital dropped their price objective on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a research note 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 for the company in a research report on Wednesday, February 19th. Wells Fargo & Company started coverage on Cadence Design Systems in a research report on Friday, November 22nd. They set an "overweight" rating and a $350.00 price target on the stock. Finally, Robert W. Baird decreased their price objective on Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating for the company in a report on Thursday, February 20th. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and a consensus target price of $326.92.

Cadence Design Systems Company 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.