Westpac Banking Corp Boosts Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Westpac Banking Corp grew its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 279.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,811 shares of the software maker's stock after purchasing an additional 8,695 shares during the period. Westpac Banking Corp's holdings in Cadence Design Systems were worth $3,549,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Principal Financial Group Inc. lifted its position in shares of Cadence Design Systems by 33.0% in the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker's stock worth $547,886,000 after purchasing an additional 501,833 shares in the last quarter. D.A. Davidson & CO. increased its position in shares of Cadence Design Systems by 17.1% in the third quarter. D.A. Davidson & CO. now owns 1,644 shares of the software maker's stock valued at $446,000 after acquiring an additional 240 shares during the last quarter. Public Sector Pension Investment Board boosted its position in Cadence Design Systems by 16.3% during the third quarter. Public Sector Pension Investment Board now owns 12,098 shares of the software maker's stock valued at $3,279,000 after purchasing an additional 1,700 shares during the last quarter. Benjamin Edwards Inc. grew its stake in shares of Cadence Design Systems by 8,852.4% in the third quarter. Benjamin Edwards Inc. now owns 18,979 shares of the software maker's stock valued at $5,144,000 after buying an additional 18,767 shares in the last quarter. Finally, HighTower Advisors LLC lifted its stake in Cadence Design Systems by 3.4% in 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. 84.85% of the stock is currently owned by institutional investors.

Remove Ads

Insider Buying and Selling

In other news, VP Paul Cunningham sold 650 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the sale, the vice president now owns 58,123 shares of the company's stock, valued at $14,689,425.79. The trade was a 1.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In the last 90 days, insiders sold 1,950 shares of company stock valued at $518,499. 1.99% of the stock is owned by insiders.

Cadence Design Systems Stock Performance

Shares of CDNS traded up $5.58 on Tuesday, reaching $239.40. 806,545 shares of the company's stock traded hands, compared to its average volume of 1,913,722. The stock has a market cap of $65.67 billion, a PE ratio of 62.34, a PEG ratio of 3.88 and a beta of 1.14. 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 stock's 50 day simple moving average is $266.96 and its two-hundred day simple moving average is $283.52. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts' consensus estimates 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 company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. On average, analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently weighed in on CDNS. 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. Robert W. Baird cut their price target on Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating for the company in a research note on Thursday, February 20th. Rosenblatt Securities increased their target price on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Oppenheimer reduced their price target on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a report on Wednesday, March 19th. Finally, Redburn Atlantic initiated coverage on Cadence Design Systems in a research report on Monday, January 13th. They issued a "buy" rating and a $350.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems has a consensus rating of "Moderate Buy" and a consensus target price of $324.83.

Cadence Design Systems 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.