Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Lincoln National Corp

Lincoln National Corp increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS – Get Rating) by 23.7% in the 3rd quarter, HoldingsChannel reports. The firm owned 6,876 shares of the software maker’s stock after purchasing an additional 1,319 shares during the period. Lincoln National Corp’s holdings in Cadence Design Systems were worth $1,124,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Voya Investment Management LLC lifted its holdings in Cadence Design Systems by 102.3% during the 2nd quarter. Voya Investment Management LLC now owns 1,818,157 shares of the software maker’s stock worth $272,778,000 after buying an additional 919,571 shares during the last quarter. FMR LLC lifted its holdings in Cadence Design Systems by 4.7% during the 2nd quarter. FMR LLC now owns 10,344,233 shares of the software maker’s stock worth $1,551,944,000 after buying an additional 462,306 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in Cadence Design Systems by 55.2% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,037,790 shares of the software maker’s stock worth $170,675,000 after buying an additional 368,956 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Cadence Design Systems in the 1st quarter valued at about $57,084,000. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Cadence Design Systems by 17.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,273,433 shares of the software maker’s stock valued at $373,890,000 after purchasing an additional 344,471 shares during the last quarter. 84.06% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $182.38 on Wednesday. The business’s fifty day moving average price is $165.98 and its two-hundred day moving average price is $166.61. The stock has a market cap of $50.03 billion, a PE ratio of 64.22, a price-to-earnings-growth ratio of 2.48 and a beta of 1.10. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. Cadence Design Systems, Inc. has a one year low of $132.32 and a one year high of $194.97.

Cadence Design Systems (NASDAQ:CDNS – Get Rating) last announced its earnings results on Monday, October 24th. The software maker reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.03. Cadence Design Systems had a return on equity of 33.19% and a net margin of 22.86%. The firm had revenue of $902.55 million for the quarter, compared to analysts’ expectations of $868.85 million. During the same quarter in the prior year, the firm earned $0.65 EPS. Cadence Design Systems’s quarterly revenue was up 20.2% on a year-over-year basis. On average, analysts forecast that Cadence Design Systems, Inc. will post 3.41 EPS for the current fiscal year.

Analyst Ratings Changes

CDNS has been the subject of several research reports. Bank of America raised Cadence Design Systems from a “neutral” rating to a “buy” rating and boosted their target price for the company from $185.00 to $205.00 in a report on Friday, December 16th. Robert W. Baird boosted their target price on Cadence Design Systems to $206.00 in a report on Wednesday, December 14th. Stifel Nicolaus reissued a “hold” rating and issued a $200.00 target price on shares of Cadence Design Systems in a report on Wednesday, October 26th. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Saturday. Finally, Deutsche Bank Aktiengesellschaft started coverage on Cadence Design Systems in a research note on Wednesday, September 28th. They set a “buy” rating and a $200.00 price objective for the company. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and a consensus price target of $195.50.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 250 shares of the stock in a transaction on Monday, November 7th. The stock was sold at an average price of $143.63, for a total transaction of $35,907.50. Following the transaction, the vice president now owns 93,689 shares of the company’s stock, valued at approximately $13,456,551.07. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Lip Bu Tan sold 42,500 shares of the stock in a transaction on Tuesday, January 17th. The stock was sold at an average price of $173.39, for a total value of $7,369,075.00. Following the transaction, the insider now directly owns 602,589 shares of the company’s stock, valued at approximately $104,482,906.71. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Cunningham sold 250 shares of the stock in a transaction on Monday, November 7th. The stock was sold at an average price of $143.63, for a total value of $35,907.50. Following the completion of the transaction, the vice president now directly owns 93,689 shares in the company, valued at $13,456,551.07. The disclosure for this sale can be found here. Insiders have sold a total of 133,250 shares of company stock valued at $22,235,385 in the last quarter. 1.99% of the stock is currently owned by company insiders.

About Cadence Design Systems

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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.