Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Schroder Investment Management Group

Schroder Investment Management Group boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 53.1% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 2,064,219 shares of the software maker’s stock after purchasing an additional 716,041 shares during the period. Schroder Investment Management Group owned approximately 0.75% of Cadence Design Systems worth $623,105,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of CDNS. Golden State Wealth Management LLC acquired a new position in Cadence Design Systems in the fourth quarter valued at approximately $28,000. Avalon Trust Co acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at $39,000. Versant Capital Management Inc boosted its holdings in Cadence Design Systems by 164.2% during the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after buying an additional 87 shares in the last quarter. Prestige Wealth Management Group LLC grew its position in Cadence Design Systems by 56.6% during the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after buying an additional 60 shares during the period. Finally, OFI Invest Asset Management acquired a new position in shares of Cadence Design Systems in the fourth quarter worth about $46,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Down 2.2 %

CDNS stock opened at $256.69 on Friday. The firm has a market cap of $70.36 billion, a PE ratio of 66.50, a PEG ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a one year low of $230.09 and a one year high of $328.99. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The firm’s 50 day moving average price is $274.55 and its 200-day moving average price is $284.39.

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

Insider Activity

In related news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction dated 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 approximately $17,320,940. This represents a 62.51 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total value of $198,146.00. Following the completion of the transaction, the vice president now directly owns 59,311 shares of the company’s stock, valued at approximately $18,080,365.24. This represents a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 101,021 shares of company stock valued at $31,229,155. Company insiders own 1.99% of the company’s stock.

Wall Street Analysts Forecast Growth

CDNS has been the subject of a number of analyst reports. Redburn Atlantic initiated coverage on Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 price target for the company. Bank of America lowered their price target on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Mizuho increased their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Rosenblatt Securities lifted their target price on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Finally, Robert W. Baird reduced their target price on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research report on Thursday, February 20th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $324.83.

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.