National Pension Service Purchases 17,767 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

National Pension Service grew its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 3.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 615,825 shares of the software maker's stock after acquiring an additional 17,767 shares during the period. National Pension Service owned about 0.23% of Cadence Design Systems worth $167,732,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Parkside Financial Bank & Trust raised its stake in Cadence Design Systems by 8.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker's stock worth $140,000 after buying an additional 38 shares in the last quarter. Highview Capital Management LLC DE lifted its stake in shares of Cadence Design Systems by 0.8% in the 4th quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker's stock valued at $1,411,000 after purchasing an additional 39 shares during the period. BSW Wealth Partners boosted its position in shares of Cadence Design Systems by 2.8% during the fourth quarter. BSW Wealth Partners now owns 1,624 shares of the software maker's stock valued at $442,000 after purchasing an additional 44 shares in the last quarter. Savant Capital LLC grew its stake in Cadence Design Systems by 2.7% in the third quarter. Savant Capital LLC now owns 1,733 shares of the software maker's stock worth $406,000 after purchasing an additional 45 shares during the period. Finally, First Trust Direct Indexing L.P. raised its holdings in Cadence Design Systems by 1.0% in the third quarter. First Trust Direct Indexing L.P. now owns 4,658 shares of the software maker's stock worth $1,091,000 after purchasing an additional 47 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock traded down $1.47 during trading on Wednesday, hitting $282.57. 1,236,974 shares of the company's stock traded hands, compared to its average volume of 1,566,338. Cadence Design Systems, Inc. has a 1 year low of $198.92 and a 1 year high of $327.36. The business has a 50-day simple moving average of $301.33 and a 200-day simple moving average of $283.20. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. The stock has a market capitalization of $76.90 billion, a P/E ratio of 73.59, a PEG ratio of 3.32 and a beta of 1.06.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping analysts' consensus estimates of $1.13 by $0.04. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The firm's revenue was down 1.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.02 EPS. As a group, analysts forecast that Cadence Design Systems, Inc. will post 4.78 EPS for the current year.

Insider Activity at Cadence Design Systems

In other news, VP Thomas P. Beckley sold 65,268 shares of the company's stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the sale, the vice president now directly owns 156,156 shares in the company, valued at approximately $46,375,208.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Thomas P. Beckley sold 65,268 shares of the business's stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the transaction, the vice president now directly owns 156,156 shares in the company, valued at approximately $46,375,208.88. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Anirudh Devgan sold 1,454 shares of the firm's stock in a transaction that occurred on 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 owns 136,455 shares in the company, valued at approximately $41,468,674.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 173,066 shares of company stock worth $52,199,975. 0.62% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Needham & Company LLC reaffirmed a "buy" rating and issued a $320.00 target price on shares of Cadence Design Systems in a research report on Friday, April 19th. Wells Fargo & Company lifted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an "overweight" rating in a report on Tuesday, April 16th. KeyCorp upped their price target 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. Rosenblatt Securities reiterated a "neutral" rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Monday, April 22nd. Finally, Robert W. Baird increased their target price on Cadence Design Systems from $302.00 to $322.00 and gave the stock an "outperform" rating in a research note on Thursday, April 18th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and a consensus price target of $326.11.

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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