Nan Shan Life Insurance Co. Ltd. Has $1.89 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Nan Shan Life Insurance Co. Ltd. reduced its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 96.6% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 6,302 shares of the software maker's stock after selling 177,548 shares during the quarter. Nan Shan Life Insurance Co. Ltd.'s holdings in Cadence Design Systems were worth $1,893,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of CDNS. Golden State Wealth Management LLC purchased a new position in shares of Cadence Design Systems during the fourth quarter valued at approximately $28,000. Ancora Advisors LLC grew its holdings 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 buying an additional 112 shares in the last quarter. Avalon Trust Co purchased a new stake in shares of Cadence Design Systems in the fourth quarter worth $39,000. OFI Invest Asset Management purchased a new stake in Cadence Design Systems in the fourth quarter valued at approximately $46,000. Finally, Synergy Investment Management LLC purchased a new stake in Cadence Design Systems during the fourth quarter valued at about $50,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total transaction of $164,216.00. Following the sale, the vice president now owns 108,799 shares of the company's stock, valued at approximately $27,486,979.36. This trade represents a 0.59% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Anirudh Devgan sold 10,737 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the transaction, the chief executive officer now directly owns 209,548 shares of the company's stock, valued at $64,959,880. This represents a 4.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 17,577 shares of company stock valued at $5,316,411. Insiders own 1.99% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on CDNS. Mizuho boosted their price target on Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Piper Sandler upped their price target on Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a report on Wednesday, February 19th. Oppenheimer cut their price target 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. Rosenblatt Securities increased their price target on Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a research note on Tuesday, April 29th. Finally, JPMorgan Chase & Co. upgraded Cadence Design Systems from a "neutral" rating to an "overweight" rating and boosted their price target for the company from $300.00 to $325.00 in a report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $322.54.

Cadence Design Systems Stock Performance

CDNS stock opened at $318.66 on Wednesday. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $328.99. The firm has a market cap of $87.01 billion, a P/E ratio of 82.55, a P/E/G ratio of 3.88 and a beta of 1.04. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The stock's 50 day simple moving average is $267.19 and its 200 day simple moving average is $285.60.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping analysts' consensus estimates of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the previous year, the firm earned $1.17 EPS. The business's revenue for the quarter was up 23.1% on a year-over-year basis. As a group, equities research analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Cadence Design Systems 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.

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