Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company increased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 30.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 223,290 shares of the software maker's stock after buying an additional 52,200 shares during the quarter. The Manufacturers Life Insurance Company owned 0.08% of Cadence Design Systems worth $67,090,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in CDNS. Golden State Wealth Management LLC purchased a new stake in Cadence Design Systems during the 4th quarter valued at about $28,000. Avalon Trust Co acquired a new stake in Cadence Design Systems during the 4th quarter valued at approximately $39,000. Versant Capital Management Inc raised its holdings in shares of 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 purchasing an additional 87 shares during the last quarter. OFI Invest Asset Management purchased a new stake in Cadence Design Systems in the fourth quarter valued at $46,000. Finally, Synergy Investment Management LLC acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at about $50,000. Institutional investors and hedge funds own 84.85% of the company's stock.

Insider Activity

In related news, Director Ita M. Brennan sold 180 shares of the company's stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $275.00, for a total value of $49,500.00. Following the transaction, the director now directly owns 7,411 shares in the company, valued at approximately $2,038,025. This represents a 2.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total value of $190,008.00. Following the completion of the sale, the vice president now owns 58,773 shares in the company, valued at $17,180,523.36. This represents a 1.09 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 6,840 shares of company stock valued at $1,980,999. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS traded up $8.42 during midday trading on Friday, hitting $308.15. The company's stock had a trading volume of 1,935,489 shares, compared to its average volume of 1,953,420. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $328.99. The company has a market cap of $84.53 billion, a P/E ratio of 79.83, a price-to-earnings-growth ratio of 3.88 and a beta of 1.14. 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 business's 50 day simple moving average is $258.32 and its 200 day simple moving average is $282.80.

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 for the quarter, topping the consensus estimate of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.24 billion. During the same period in the previous year, the firm posted $1.17 EPS. The business's revenue for the quarter was up 23.1% compared to the same quarter last year. On average, analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on CDNS shares. Piper Sandler upped their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 19th. 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 research report on Wednesday, February 19th. Robert W. Baird upped their price target on Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday. Bank of America raised their price objective on Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a report on Tuesday. Finally, Oppenheimer reduced their target price on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research note on Wednesday, March 19th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and an average target price of $322.54.

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.