Forsta AP Fonden Trims Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Forsta AP Fonden reduced its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.0% during the 4th quarter, Holdings Channel reports. The fund owned 70,400 shares of the software maker’s stock after selling 700 shares during the period. Forsta AP Fonden’s holdings in Cadence Design Systems were worth $21,152,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Susquehanna Fundamental Investments LLC purchased a new position in shares of Cadence Design Systems during the 2nd quarter valued at about $1,914,000. Creative Planning grew its holdings in Cadence Design Systems by 9.3% during the second quarter. Creative Planning now owns 44,351 shares of the software maker’s stock worth $13,649,000 after acquiring an additional 3,771 shares during the period. NewEdge Advisors LLC raised its position in Cadence Design Systems by 17.4% during the second quarter. NewEdge Advisors LLC now owns 29,885 shares of the software maker’s stock valued at $9,197,000 after acquiring an additional 4,434 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in Cadence Design Systems by 5.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 27,929 shares of the software maker’s stock valued at $8,595,000 after acquiring an additional 1,523 shares during the period. Finally, Quarry LP boosted its position in Cadence Design Systems by 1,177.1% in the 2nd quarter. Quarry LP now owns 447 shares of the software maker’s stock worth $138,000 after purchasing an additional 412 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Scannell sold 3,171 shares of Cadence Design Systems stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $305.78, for a total transaction of $969,628.38. Following the transaction, the vice president now directly owns 14,318 shares of the company’s stock, valued at $4,378,158.04. The trade was a 18.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $276.00, for a total value of $179,400.00. Following the completion of the transaction, the vice president now owns 61,111 shares in the company, valued at $16,866,636. This represents a 1.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 108,416 shares of company stock worth $33,528,267 in the last ninety days. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Up 3.3 %

Shares of CDNS opened at $299.30 on Wednesday. The firm’s fifty day moving average is $306.04 and its two-hundred day moving average is $284.61. The stock has a market cap of $82.09 billion, a PE ratio of 78.56, a price-to-earnings-growth ratio of 3.70 and a beta of 1.04. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analysts’ expectations of $1.18 billion. During the same quarter in the prior year, the company earned $1.01 EPS. Cadence Design Systems’s revenue was up 18.8% compared to the same quarter last year. Research analysts forecast that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently issued reports on CDNS. Robert W. Baird boosted their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Berenberg Bank initiated coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price on the stock. Loop Capital began coverage on Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 target price on the stock. Mizuho increased their price target on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Finally, Needham & Company LLC cut their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $329.50.

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.