AustralianSuper Pty Ltd Sells 159,287 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

AustralianSuper Pty Ltd lessened its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 39.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 247,395 shares of the software maker's stock after selling 159,287 shares during the quarter. AustralianSuper Pty Ltd owned approximately 0.09% of Cadence Design Systems worth $62,920,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the stock. Norges Bank acquired a new stake in Cadence Design Systems during the fourth quarter worth about $1,170,209,000. GAMMA Investing LLC raised its stake in Cadence Design Systems by 31,049.1% during the first quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker's stock worth $309,835,000 after acquiring an additional 1,214,330 shares during the period. Jennison Associates LLC raised its stake in Cadence Design Systems by 13.2% during the first quarter. Jennison Associates LLC now owns 9,064,953 shares of the software maker's stock worth $2,305,489,000 after acquiring an additional 1,054,702 shares during the period. Schroder Investment Management Group raised its stake in Cadence Design Systems by 53.1% during the fourth quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker's stock worth $623,105,000 after acquiring an additional 716,041 shares during the period. Finally, FMR LLC grew its position in Cadence Design Systems by 8.7% in the 4th 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 last quarter. Institutional investors and hedge funds own 84.85% of the company's stock.

Cadence Design Systems Trading Down 1.6%

Cadence Design Systems stock traded down $5.29 during mid-day trading on Friday, hitting $315.57. 1,390,857 shares of the stock were exchanged, compared to its average volume of 2,019,433. 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, Inc. has a 12 month low of $221.56 and a 12 month high of $330.09. The firm's fifty day simple moving average is $308.81 and its two-hundred day simple moving average is $287.90. The stock has a market capitalization of $86.16 billion, a price-to-earnings ratio of 79.89, a PEG ratio of 4.38 and a beta of 0.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted 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. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the prior year, the business posted $1.17 EPS. The business's revenue was up 23.1% compared to the same quarter last year. Analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $300.00 to $325.00 in a research note on Thursday, April 24th. Wells Fargo & Company raised their price target on shares of Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. Wall Street Zen lowered shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Sunday. Mizuho upped their target price on shares of Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. Finally, Bank of America boosted their price target on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $330.07.

Insider Activity

In other Cadence Design Systems news, CEO Anirudh Devgan sold 10,737 shares of the stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the transaction, the chief executive officer directly owned 209,548 shares in the company, valued at $64,959,880. This trade represents a 4.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Paul Scannell sold 4,710 shares of the stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $300.00, for a total value of $1,413,000.00. Following the sale, the vice president directly owned 28,442 shares of the company's stock, valued at approximately $8,532,600. This trade represents a 14.21% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,975 shares of company stock valued at $6,114,587. 1.99% of the stock is currently 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.