Capital World Investors Grows Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Capital World Investors lifted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.1% during the 4th quarter, HoldingsChannel reports. The firm owned 742,083 shares of the software maker’s stock after purchasing an additional 372 shares during the quarter. Capital World Investors’ holdings in Cadence Design Systems were worth $222,966,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Golden State Wealth Management LLC purchased a new stake in Cadence Design Systems in the 4th quarter valued at $28,000. Avalon Trust Co acquired a new position in Cadence Design Systems in the fourth quarter valued at about $39,000. Versant Capital Management Inc lifted its holdings in shares of Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after acquiring an additional 87 shares during the last quarter. OFI Invest Asset Management purchased a new position in shares of Cadence Design Systems during the fourth quarter worth $46,000. Finally, Synergy Investment Management LLC purchased a new position in Cadence Design Systems during the 4th quarter valued at about $50,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Trading Up 0.4 %

NASDAQ CDNS opened at $260.22 on Monday. The firm’s fifty day moving average price is $257.23 and its 200 day moving average price is $282.25. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $328.99. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The company has a market capitalization of $71.38 billion, a price-to-earnings ratio of 67.41, a price-to-earnings-growth ratio of 3.88 and a beta of 1.14.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. On average, sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction 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 transaction, the vice president now directly owns 58,123 shares in the company, valued at approximately $14,689,425.79. The trade was a 1.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders sold 1,950 shares of company stock worth $518,499. 0.37% of the stock is owned by insiders.

Analysts Set New Price Targets

CDNS has been the subject of several recent research reports. Loop Capital decreased their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Piper Sandler lifted their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. Redburn Atlantic began coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They set a “buy” rating and a $350.00 target price on the stock. Mizuho decreased their price target on shares of Cadence Design Systems from $350.00 to $300.00 and set an “outperform” rating for the company in a research note on Tuesday, April 15th. Finally, StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $320.67.

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.