Novem Group Purchases Shares of 3,122 Cadence Design Systems, Inc. (NASDAQ:CDNS)

Novem Group acquired a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 3,122 shares of the software maker's stock, valued at approximately $938,000.

Other institutional investors have also recently modified their holdings of the company. Norges Bank acquired a new stake in Cadence Design Systems in the fourth quarter valued at approximately $1,170,209,000. Schroder Investment Management Group increased its holdings in 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 worth $623,105,000 after purchasing an additional 716,041 shares during the period. FMR LLC increased its holdings in Cadence Design Systems by 8.7% during 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 period. Alliancebernstein L.P. increased its holdings in shares of Cadence Design Systems by 12.5% in 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 during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted 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 purchasing an additional 601,834 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Paul Scannell sold 4,710 shares of the company's stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $300.00, for a total value of $1,413,000.00. Following the sale, the vice president now directly owns 28,442 shares in the company, valued at $8,532,600. This represents a 14.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James D. Plummer sold 868 shares of the stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $319.95, for a total value of $277,716.60. Following the transaction, the director now owns 23,996 shares in the company, valued at $7,677,520.20. This trade represents a 3.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,445 shares of company stock valued at $5,594,127. Company insiders own 1.99% of the company's stock.

Cadence Design Systems Stock Performance

NASDAQ CDNS traded down $1.12 on Friday, reaching $315.51. The stock had a trading volume of 1,010,529 shares, compared to its average volume of 1,981,339. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $328.99. The business's 50-day moving average price is $279.22 and its 200 day moving average price is $287.60. The stock has a market cap of $86.15 billion, a P/E ratio of 81.74, a price-to-earnings-growth ratio of 3.88 and a beta of 1.04.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.50 by $0.07. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company's revenue for the quarter was up 23.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.17 earnings per share. As a group, equities analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Analyst Upgrades and Downgrades

CDNS has been the subject of several recent analyst reports. Wall Street Zen cut Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Robert W. Baird boosted their target price on Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. Rosenblatt Securities boosted 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. Oppenheimer decreased their target price on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research note on Wednesday, March 19th. Finally, KeyCorp boosted their target price on Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. One equities research 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, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $325.23.

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.