Bedrijfstakpensioenfonds Voor DE Media PNO Purchases New Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Bedrijfstakpensioenfonds Voor DE Media PNO acquired a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 38,500 shares of the software maker's stock, valued at approximately $11,097,000. Cadence Design Systems comprises approximately 1.5% of Bedrijfstakpensioenfonds Voor DE Media PNO's portfolio, making the stock its 27th biggest position.

Other hedge funds also recently bought and sold shares of the company. Norges Bank bought a new position in shares of Cadence Design Systems during the 4th quarter worth $1,141,059,000. Nordea Investment Management AB grew its position in shares of Cadence Design Systems by 124.8% during the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker's stock worth $515,995,000 after buying an additional 1,052,228 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Cadence Design Systems by 143.3% during the 3rd quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker's stock worth $383,062,000 after buying an additional 962,987 shares in the last quarter. Jennison Associates LLC grew its position in shares of Cadence Design Systems by 8.7% during the 3rd quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker's stock worth $1,651,166,000 after buying an additional 564,085 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its position in shares of Cadence Design Systems by 261.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker's stock worth $169,022,000 after buying an additional 448,918 shares in the last quarter. Institutional investors own 84.85% of the company's stock.

Analyst Ratings Changes

CDNS has been the subject of a number of analyst reports. Rosenblatt Securities restated a "neutral" rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Monday, April 22nd. Stifel Nicolaus upped their price objective on Cadence Design Systems from $300.00 to $350.00 and gave the stock a "buy" rating in a research note on Tuesday, February 13th. Piper Sandler decreased their price objective on Cadence Design Systems from $334.00 to $318.00 and set a "neutral" rating for the company in a research note on Tuesday. KeyCorp upped their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the stock an "overweight" rating in a research note on Monday, April 15th. Finally, Needham & Company LLC restated a "buy" rating and set a $320.00 price objective on shares of Cadence Design Systems in a research note on Friday, April 19th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $326.11.

Insider Transactions at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 1,454 shares of the firm's stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $441,870.60. Following the completion of the transaction, the chief executive officer now directly owns 136,455 shares in the company, valued at $41,468,674.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Anirudh Devgan sold 1,454 shares of the firm's stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $441,870.60. Following the sale, the chief executive officer now directly owns 136,455 shares of the company's stock, valued at $41,468,674.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Aneel Zaman sold 1,207 shares of the firm's stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $366,807.30. Following the sale, the vice president now directly owns 61,150 shares in the company, valued at $18,583,485. The disclosure for this sale can be found here. Insiders sold a total of 173,044 shares of company stock worth $52,231,207 over the last three months. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Stock Up 1.9 %

Cadence Design Systems stock traded up $5.33 during midday trading on Friday, reaching $282.41. The company's stock had a trading volume of 2,141,655 shares, compared to its average volume of 1,576,006. The stock's 50-day simple moving average is $303.85 and its 200-day simple moving average is $281.40. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.13. Cadence Design Systems, Inc. has a 52-week low of $198.92 and a 52-week high of $327.36. The stock has a market capitalization of $76.85 billion, a P/E ratio of 73.54, a PEG ratio of 3.26 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm had revenue of $1.01 billion during the quarter, compared to analysts' expectations of $1 billion. During the same period last year, the business posted $1.02 earnings per share. The company's revenue for the quarter was down 1.2% compared to the same quarter last year. On average, sell-side analysts expect that Cadence Design Systems, Inc. will post 4.78 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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