National Pension Service Purchases 36,262 Shares of Cadence Design Systems, Inc. $CDNS

Key Points

• The National Pension Service increased its holdings in Cadence Design Systems by 6.0%, now owning approximately 0.23% of the company, valued at $161.9 million.
• Cadence Design Systems reported $1.65 earnings per share, surpassing expectations and achieving a 20.2% year-over-year revenue increase to $1.28 billion.
• Analyst ratings for Cadence range from one sell to twelve buy, with a consensus rating of "Moderate Buy" and a price target of $364.33.

National Pension Service lifted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 6.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 636,690 shares of the software maker's stock after purchasing an additional 36,262 shares during the period. National Pension Service owned about 0.23% of Cadence Design Systems worth $161,929,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. 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. Nuveen LLC acquired a new stake in Cadence Design Systems during the first quarter worth about $289,744,000. 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. Price T Rowe Associates Inc. MD raised its stake 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 worth $882,655,000 after acquiring an additional 601,834 shares during the period. Finally, Vanguard Group Inc. raised its stake in Cadence Design Systems by 1.7% during the first quarter. Vanguard Group Inc. now owns 26,339,142 shares of the software maker's stock worth $6,698,834,000 after acquiring an additional 429,955 shares during the period. Institutional investors own 84.85% of the company's stock.

Wall Street Analyst Weigh In

CDNS has been the topic of several research reports. Rosenblatt Securities reiterated a "neutral" rating and set a $300.00 price objective on shares of Cadence Design Systems in a research note on Friday, July 25th. Piper Sandler reiterated a "neutral" rating and set a $355.00 price objective (up previously from $328.00) on shares of Cadence Design Systems in a research note on Tuesday, July 29th. Mizuho increased their price objective on shares of Cadence Design Systems from $360.00 to $375.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 29th. Wells Fargo & Company raised their price target on shares of Cadence Design Systems from $365.00 to $405.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Finally, Berenberg Bank set a $400.00 price target on shares of Cadence Design Systems in a research note on Wednesday, July 30th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and an average price target of $364.33.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 1,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $358.72, for a total transaction of $358,720.00. Following the completion of the sale, the vice president directly owned 104,499 shares in the company, valued at approximately $37,485,881.28. This trade represents a 0.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Ita M. Brennan sold 180 shares of the firm's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total transaction of $54,720.00. Following the sale, the director owned 8,010 shares of the company's stock, valued at $2,435,040. The trade was a 2.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,830 shares of company stock worth $1,207,671 in the last quarter. Company insiders own 1.99% of the company's stock.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS traded up $6.37 during mid-day trading on Monday, reaching $356.25. 1,495,902 shares of the company traded hands, compared to its average volume of 2,051,739. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $376.45. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.82 and a quick ratio of 2.67. The firm has a market cap of $97.07 billion, a PE ratio of 96.28, a price-to-earnings-growth ratio of 4.59 and a beta of 0.97. The stock has a fifty day simple moving average of $324.89 and a 200-day simple moving average of $294.02.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings data on Monday, July 28th. The software maker reported $1.65 EPS for the quarter, beating analysts' consensus estimates of $1.56 by $0.09. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same quarter last year, the business earned $1.28 earnings per share. The business's revenue for the quarter was up 20.2% on a year-over-year basis. Equities research analysts anticipate 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.