Ensign Peak Advisors Inc Has $22.04 Million Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Ensign Peak Advisors Inc lowered its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 38.1% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 73,347 shares of the software maker's stock after selling 45,238 shares during the period. Ensign Peak Advisors Inc's holdings in Cadence Design Systems were worth $22,038,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of CDNS. Norges Bank acquired a new stake in Cadence Design Systems during the 4th quarter valued at $1,170,209,000. Schroder Investment Management Group grew its holdings in shares of Cadence Design Systems by 53.1% during the 4th quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker's stock valued at $623,105,000 after acquiring an additional 716,041 shares in the last quarter. FMR LLC grew its holdings in shares of Cadence Design Systems by 8.7% during the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock valued at $2,397,266,000 after acquiring an additional 639,146 shares in the last quarter. Alliancebernstein L.P. grew its holdings in shares of Cadence Design Systems by 12.5% during the 4th quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock valued at $1,705,469,000 after acquiring an additional 632,175 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Cadence Design Systems by 25.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,937,675 shares of the software maker's stock valued at $882,655,000 after acquiring an additional 601,834 shares during the period. Institutional investors own 84.85% of the company's stock.

Cadence Design Systems Trading Up 0.2%

Shares of CDNS traded up $0.73 during trading hours on Wednesday, reaching $319.39. The stock had a trading volume of 1,461,583 shares, compared to its average volume of 1,973,555. The company has a market cap of $87.21 billion, a P/E ratio of 82.74, a P/E/G 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. 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 50-day moving average of $267.19 and a 200 day moving average of $285.60.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping the consensus estimate of $1.50 by $0.07. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The firm's revenue was up 23.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.17 EPS. 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

In related news, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total transaction of $164,216.00. Following the completion of the transaction, the vice president now directly owns 108,799 shares in the company, valued at approximately $27,486,979.36. This trade represents a 0.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ita M. Brennan sold 180 shares of the stock in a transaction dated 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 owns 7,411 shares of the company's stock, valued at approximately $2,038,025. The trade was a 2.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,577 shares of company stock valued at $5,316,411. 1.99% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CDNS. Mizuho upped their price objective on shares of Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a research report on Tuesday, April 29th. JPMorgan Chase & Co. raised 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 report on Thursday, April 24th. Needham & Company LLC reissued a "buy" rating and issued a $325.00 price target on shares of Cadence Design Systems in a research report on Tuesday. StockNews.com lowered shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Finally, Rosenblatt Securities increased their price target on shares of Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a research report on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $322.54.

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.