SeaTown Holdings Pte. Ltd. Buys Shares of 27,950 Cadence Design Systems, Inc. (NASDAQ:CDNS)

SeaTown Holdings Pte. Ltd. bought a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 27,950 shares of the software maker’s stock, valued at approximately $7,613,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CDNS. DekaBank Deutsche Girozentrale raised its position in Cadence Design Systems by 34.5% in the third quarter. DekaBank Deutsche Girozentrale now owns 386,993 shares of the software maker’s stock worth $91,775,000 after acquiring an additional 99,251 shares in the last quarter. USA Financial Formulas increased its holdings in shares of Cadence Design Systems by 380.7% in the fourth quarter. USA Financial Formulas now owns 8,922 shares of the software maker’s stock valued at $2,430,000 after buying an additional 7,066 shares in the last quarter. Miracle Mile Advisors LLC acquired a new stake in shares of Cadence Design Systems during the 4th quarter valued at $934,000. Pacer Advisors Inc. boosted its stake in shares of Cadence Design Systems by 9.4% during the 4th quarter. Pacer Advisors Inc. now owns 40,409 shares of the software maker’s stock worth $11,006,000 after acquiring an additional 3,484 shares in the last quarter. Finally, Patton Fund Management Inc. acquired a new position in shares of Cadence Design Systems in the 4th quarter worth $5,264,000. 84.85% of the stock is owned by institutional investors.

Analyst Ratings Changes

CDNS has been the subject of a number of recent analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research report on Friday, April 19th. Stifel Nicolaus lifted their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, February 13th. KeyCorp upped their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Piper Sandler decreased their price objective on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research note on Tuesday, April 23rd. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Monday, April 22nd. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $326.11.

View Our Latest Stock Report on CDNS

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the sale, the vice president now owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $309.16, for a total value of $463,740.00. Following the completion of the sale, the director now owns 51,683 shares of the company’s stock, valued at approximately $15,978,316.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the sale, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. Insiders sold 173,066 shares of company stock valued at $52,199,975 in the last quarter. Company insiders own 0.62% of the company’s stock.

Cadence Design Systems Stock Up 3.2 %

Shares of NASDAQ:CDNS traded up $9.02 during trading on Wednesday, reaching $292.35. 1,033,122 shares of the company traded hands, compared to its average volume of 1,537,125. The firm has a fifty day simple moving average of $298.89 and a 200 day simple moving average of $284.98. The firm has a market cap of $79.56 billion, a P/E ratio of 75.71, a price-to-earnings-growth ratio of 3.35 and a beta of 1.06. Cadence Design Systems, Inc. has a 1-year low of $201.73 and a 1-year high of $327.36. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) last issued its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. The company had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same quarter last year, the business posted $1.02 EPS. Analysts anticipate that Cadence Design Systems, Inc. will post 4.78 earnings per share for the current fiscal year.

Cadence Design Systems Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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