Nuveen Asset Management LLC Buys 69,456 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Nuveen Asset Management LLC boosted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 6.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,080,928 shares of the software maker's stock after acquiring an additional 69,456 shares during the period. Nuveen Asset Management LLC owned 0.39% of Cadence Design Systems worth $324,776,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in CDNS. Vanguard Group Inc. boosted its position in Cadence Design Systems by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker's stock valued at $7,784,674,000 after acquiring an additional 201,340 shares in the last quarter. Jennison Associates LLC boosted its position in shares of Cadence Design Systems by 5.3% during the fourth quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker's stock valued at $2,406,760,000 after purchasing an additional 404,076 shares in the last quarter. FMR LLC grew its stake in Cadence Design Systems by 8.7% in the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock worth $2,397,266,000 after purchasing an additional 639,146 shares during the period. Geode Capital Management LLC raised its holdings in Cadence Design Systems by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker's stock worth $1,806,019,000 after purchasing an additional 135,251 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its position in Cadence Design Systems by 12.5% during the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock valued at $1,705,469,000 after buying an additional 632,175 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Performance

CDNS traded down $0.65 during midday trading on Tuesday, hitting $319.65. 301,657 shares of the company traded hands, compared to its average volume of 1,969,021. The company's 50-day moving average is $273.78 and its 200 day moving average is $286.86. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $87.28 billion, a PE ratio of 82.78, a price-to-earnings-growth ratio of 3.88 and a beta of 1.04. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.07. The company had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.24 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm's quarterly revenue was up 23.1% on a year-over-year basis. During the same quarter last year, the company posted $1.17 earnings per share. On average, research analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analysts Set New Price Targets

Several research analysts recently issued reports on CDNS shares. JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $300.00 to $325.00 in a research note on Thursday, April 24th. Piper Sandler raised their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a research note on Wednesday, February 19th. Bank of America boosted their price target on Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. KeyCorp raised their price objective on Cadence Design Systems from $355.00 to $375.00 and gave the company an "overweight" rating in a research report on Thursday, May 15th. Finally, Loop Capital dropped their target price on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $325.23.

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the business's stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $303.00, for a total transaction of $196,950.00. Following the completion of the sale, the vice president now directly owns 108,149 shares in the company, valued at approximately $32,769,147. The trade was a 0.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Anirudh Devgan sold 10,737 shares of the stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the completion of the transaction, the chief executive officer now owns 209,548 shares in the company, valued at $64,959,880. The trade was a 4.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 17,577 shares of company stock worth $5,316,411. 1.99% of the stock is owned by insiders.

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.