Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by DnB Asset Management AS

DnB Asset Management AS lifted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 74,966 shares of the software maker’s stock after acquiring an additional 2,602 shares during the period. DnB Asset Management AS’s holdings in Cadence Design Systems were worth $22,524,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth $1,170,209,000. Raymond James Financial Inc. acquired a new stake in Cadence Design Systems in the 4th quarter valued at about $171,991,000. Principal Financial Group Inc. lifted its stake in Cadence Design Systems by 33.0% in the 3rd 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. Manning & Napier Advisors LLC acquired a new position in shares of Cadence Design Systems during the 4th quarter worth approximately $148,594,000. Finally, Proficio Capital Partners LLC purchased a new stake in shares of Cadence Design Systems in the fourth quarter valued at approximately $129,546,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Price Performance

CDNS stock opened at $256.69 on Friday. The business’s fifty day moving average price is $274.55 and its 200 day moving average price is $284.19. Cadence Design Systems, Inc. has a 12-month low of $230.09 and a 12-month high of $328.99. 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 company has a market capitalization of $70.36 billion, a PE ratio of 66.50, a P/E/G ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. On average, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CDNS shares. Oppenheimer lowered their price objective on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research note on Wednesday, March 19th. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Mizuho lifted their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Needham & Company LLC reissued a “buy” rating and issued a $325.00 price target on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Finally, Loop Capital reduced their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $324.83.

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the firm’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. This trade represents a 1.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the transaction, the chief executive officer now owns 55,874 shares of the company’s stock, valued at $17,320,940. This trade represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 101,021 shares of company stock worth $31,229,155. Company insiders own 1.99% of the company’s stock.

About Cadence Design Systems

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.