Cadence Design Systems, Inc. (NASDAQ:CDNS) Holdings Raised by Swedbank AB

Swedbank AB lifted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 4.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,834,164 shares of the software maker's stock after acquiring an additional 80,350 shares during the quarter. Cadence Design Systems accounts for 0.7% of Swedbank AB's holdings, making the stock its 27th biggest position. Swedbank AB owned approximately 0.67% of Cadence Design Systems worth $551,093,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Avior Wealth Management LLC raised its holdings in shares of Cadence Design Systems by 12.4% during the 4th quarter. Avior Wealth Management LLC now owns 326 shares of the software maker's stock worth $98,000 after acquiring an additional 36 shares during the period. Dudley Capital Management LLC increased its stake in Cadence Design Systems by 4.3% in the third quarter. Dudley Capital Management LLC now owns 948 shares of the software maker's stock valued at $257,000 after purchasing an additional 39 shares during the last quarter. Trust Point Inc. increased its holdings in shares of Cadence Design Systems by 2.9% in the 3rd quarter. Trust Point Inc. now owns 1,397 shares of the software maker's stock valued at $379,000 after acquiring an additional 40 shares during the period. Falcon Wealth Planning raised its stake in Cadence Design Systems by 5.1% during the 3rd quarter. Falcon Wealth Planning now owns 819 shares of the software maker's stock valued at $222,000 after acquiring an additional 40 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC boosted its holdings in shares of Cadence Design Systems by 0.7% in the third quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker's stock valued at $1,501,000 after acquiring an additional 40 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Cadence Design Systems Stock Down 3.1 %

CDNS stock traded down $9.42 during midday trading on Wednesday, reaching $289.88. 1,393,716 shares of the company's stock traded hands, compared to its average volume of 1,633,333. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The firm's fifty day moving average price is $306.04 and its 200-day moving average price is $284.61. The company has a market cap of $79.50 billion, a price-to-earnings ratio of 76.08, a P/E/G ratio of 3.70 and a beta of 1.04.

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

Insider Activity

In related news, CEO Anirudh Devgan sold 93,151 shares of the company's stock in a transaction dated 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 transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. This represents a 62.51 % decrease in their position. The sale 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, December 2nd. The shares were sold at an average price of $306.19, for a total transaction of $199,023.50. Following the sale, the vice president now directly owns 60,461 shares of the company's stock, valued at $18,512,553.59. This represents a 1.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock valued at $33,528,267 in the last ninety days. 1.99% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Rosenblatt Securities reaffirmed a "neutral" rating and set a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Loop Capital started coverage on Cadence Design Systems in a report on Monday, November 11th. They issued a "buy" rating and a $360.00 price target for the company. Needham & Company LLC cut their price target on Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating on the stock in a research note on Tuesday, October 29th. Berenberg Bank began coverage on Cadence Design Systems in a report on Tuesday, October 15th. They issued a "buy" rating and a $320.00 price target for the company. Finally, Redburn Atlantic assumed coverage on Cadence Design Systems in a research note on Monday, January 13th. They issued a "buy" rating and a $350.00 target price on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $329.50.

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.