KLP Kapitalforvaltning AS Grows Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

KLP Kapitalforvaltning AS increased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 2.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 100,200 shares of the software maker's stock after buying an additional 2,700 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Cadence Design Systems were worth $25,484,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Smallwood Wealth Investment Management LLC purchased a new stake in Cadence Design Systems during the 1st quarter valued at about $25,000. Valley National Advisers Inc. grew its stake in Cadence Design Systems by 707.1% during the 1st quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock valued at $28,000 after purchasing an additional 99 shares during the last quarter. Ancora Advisors LLC grew its stake in Cadence Design Systems by 1,400.0% during the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock valued at $36,000 after purchasing an additional 112 shares during the last quarter. Bartlett & CO. Wealth Management LLC grew its stake in Cadence Design Systems by 147.3% during the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 183 shares of the software maker's stock valued at $47,000 after purchasing an additional 109 shares during the last quarter. Finally, HWG Holdings LP purchased a new stake in Cadence Design Systems during the 1st quarter valued at about $54,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cadence Design Systems

In related news, 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 value of $3,328,470.00. Following the completion of the sale, the chief executive officer owned 209,548 shares of the company's stock, valued at approximately $64,959,880. This trade represents a 4.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Cunningham sold 1,000 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $306.35, for a total value of $306,350.00. Following the completion of the transaction, the vice president owned 105,499 shares of the company's stock, valued at $32,319,618.65. The trade was a 0.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,795 shares of company stock valued at $6,065,087. 1.99% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have weighed in on CDNS shares. Loop Capital boosted their price target on Cadence Design Systems from $340.00 to $370.00 and gave the company a "buy" rating in a research note on Monday, July 14th. Wells Fargo & Company upped their target price on Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. Mizuho upped their target price on Cadence Design Systems from $325.00 to $360.00 and gave the stock an "outperform" rating in a research note on Tuesday. Rosenblatt Securities upped their target price on Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a research note on Tuesday, April 29th. Finally, Needham & Company LLC restated a "buy" rating and issued a $325.00 target price on shares of Cadence Design Systems in a research note on Tuesday, May 13th. One analyst has rated the stock with a sell rating, two have given a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $332.57.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS traded down $1.82 during midday trading on Thursday, hitting $324.64. The stock had a trading volume of 1,649,398 shares, compared to its average volume of 2,051,540. The company has a market capitalization of $88.64 billion, a PE ratio of 82.19, a P/E/G ratio of 4.44 and a beta of 0.99. The stock has a 50 day simple moving average of $309.06 and a 200-day simple moving average of $288.40. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $330.09. The company has a quick ratio of 2.90, a current ratio of 3.07 and a debt-to-equity ratio of 0.52.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, beating 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 29.36% and a net margin of 22.18%. The business's quarterly revenue was up 23.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.17 earnings per share. On average, sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

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.