UniSuper Management Pty Ltd Purchases 6,001 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

UniSuper Management Pty Ltd lifted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 18.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 38,388 shares of the software maker’s stock after acquiring an additional 6,001 shares during the quarter. UniSuper Management Pty Ltd’s holdings in Cadence Design Systems were worth $11,949,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Cadence Design Systems by 1.8% during the first quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock valued at $7,763,496,000 after buying an additional 437,101 shares during the last quarter. Jennison Associates LLC boosted its stake in shares of Cadence Design Systems by 6.9% during the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after purchasing an additional 459,603 shares during the period. Norges Bank bought a new position in shares of Cadence Design Systems in the fourth quarter worth about $1,141,059,000. Nordea Investment Management AB lifted its holdings in Cadence Design Systems by 7.7% during the 1st quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock valued at $636,172,000 after buying an additional 145,351 shares in the last quarter. Finally, Van ECK Associates Corp boosted its position in Cadence Design Systems by 25.4% in the 1st quarter. Van ECK Associates Corp now owns 1,986,413 shares of the software maker’s stock valued at $618,330,000 after buying an additional 402,884 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Performance

CDNS stock traded down $4.09 during trading on Tuesday, hitting $282.99. 3,340,618 shares of the company traded hands, compared to its average volume of 1,593,063. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. Cadence Design Systems, Inc. has a 1 year low of $217.77 and a 1 year high of $328.99. The stock’s 50-day simple moving average is $302.86 and its 200 day simple moving average is $298.33. The company has a market cap of $77.09 billion, a PE ratio of 73.70, a P/E/G ratio of 3.43 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.06. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same period in the previous year, the firm earned $0.94 EPS. The business’s quarterly revenue was up 8.6% on a year-over-year basis. On average, equities analysts expect that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Cunningham sold 1,000 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total transaction of $275,360.00. Following the sale, the vice president now directly owns 67,144 shares of the company’s stock, valued at approximately $18,488,771.84. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Cadence Design Systems news, VP Chin-Chi Teng sold 32,184 shares of the company’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the completion of the transaction, the vice president now directly owns 95,408 shares in the company, valued at $28,379,109.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total transaction of $275,360.00. Following the completion of the sale, the vice president now owns 67,144 shares in the company, valued at approximately $18,488,771.84. The disclosure for this sale can be found here. Over the last quarter, insiders sold 50,134 shares of company stock valued at $14,987,093. Corporate insiders own 1.99% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Monday, April 22nd. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Needham & Company LLC reissued a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research note on Tuesday. KeyCorp boosted their price target on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $318.00 price objective on shares of Cadence Design Systems in a research report on Wednesday, July 10th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $334.56.

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.