Handelsbanken Fonder AB Has $21.07 Million Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Handelsbanken Fonder AB cut its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 3.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 82,854 shares of the software maker's stock after selling 3,216 shares during the period. Handelsbanken Fonder AB's holdings in Cadence Design Systems were worth $21,072,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Curated Wealth Partners LLC grew its stake in shares of Cadence Design Systems by 14.9% during the first quarter. Curated Wealth Partners LLC now owns 1,015 shares of the software maker's stock valued at $258,000 after purchasing an additional 132 shares during the last quarter. Paragon Advisors LLC raised its holdings in Cadence Design Systems by 12.8% during the 1st quarter. Paragon Advisors LLC now owns 7,684 shares of the software maker's stock worth $1,954,000 after purchasing an additional 874 shares during the last quarter. Accurate Wealth Management LLC grew its position in shares of Cadence Design Systems by 35.8% during the 1st quarter. Accurate Wealth Management LLC now owns 1,553 shares of the software maker's stock worth $403,000 after buying an additional 409 shares during the period. GAMMA Investing LLC raised its stake in shares of Cadence Design Systems by 22.5% during the first quarter. GAMMA Investing LLC now owns 4,790 shares of the software maker's stock worth $1,218,000 after buying an additional 879 shares during the last quarter. Finally, Tounjian Advisory Partners LLC bought a new position in Cadence Design Systems in the first quarter valued at approximately $681,000. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Price Performance

CDNS traded down $7.85 during trading on Friday, hitting $300.00. 1,188,835 shares of the stock traded hands, compared to its average volume of 2,023,501. The business has a 50 day moving average price of $292.59 and a 200 day moving average price of $287.24. The company has a market cap of $81.91 billion, a price-to-earnings ratio of 77.72, a PEG ratio of 3.88 and a beta of 0.99. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $328.99. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, beating analysts' consensus estimates of $1.50 by $0.07. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period last year, the company posted $1.17 EPS. Equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Piper Sandler upped 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. Robert W. Baird boosted their price target on Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. Rosenblatt Securities upped their target price on shares of Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a report on Tuesday, April 29th. JPMorgan Chase & Co. raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and raised their price target for the company from $300.00 to $325.00 in a report on Thursday, April 24th. Finally, Oppenheimer cut their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research report on Wednesday, March 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and a consensus price target of $325.23.

Insider Buying and Selling

In other news, VP Paul Cunningham sold 650 shares of the business's stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total value of $164,216.00. Following the transaction, the vice president now directly owns 108,799 shares of the company's stock, valued at $27,486,979.36. The trade was a 0.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Ita M. Brennan sold 180 shares of the business's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total value of $54,720.00. Following the completion of the transaction, the director now directly owns 8,010 shares in the company, valued at approximately $2,435,040. This trade represents a 2.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,625 shares of company stock worth $5,670,453 in the last ninety days. Company insiders own 0.37% of the company's stock.

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.