Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock Holdings Increased by Intech Investment Management LLC

Intech Investment Management LLC increased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 25.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 72,051 shares of the software maker's stock after acquiring an additional 14,696 shares during the quarter. Intech Investment Management LLC's holdings in Cadence Design Systems were worth $19,625,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Norges Bank acquired a new stake in shares of Cadence Design Systems during the fourth quarter valued at approximately $1,141,059,000. Northern Trust Corp grew its position in Cadence Design Systems by 5.6% during the third quarter. Northern Trust Corp now owns 2,995,849 shares of the software maker's stock valued at $701,927,000 after purchasing an additional 158,031 shares in the last quarter. Invesco Ltd. grew its position in Cadence Design Systems by 4.9% during the third quarter. Invesco Ltd. now owns 2,012,292 shares of the software maker's stock valued at $471,480,000 after purchasing an additional 93,984 shares in the last quarter. Nordea Investment Management AB grew its position in Cadence Design Systems by 124.8% during the fourth quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker's stock valued at $515,995,000 after purchasing an additional 1,052,228 shares in the last quarter. Finally, Wellington Management Group LLP grew its position in Cadence Design Systems by 143.3% during the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker's stock valued at $383,062,000 after purchasing an additional 962,987 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company's stock.

Insider Activity at Cadence Design Systems

In related news, Director James D. Plummer sold 2,412 shares of the company's stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $315.40, for a total transaction of $760,744.80. Following the completion of the transaction, the director now directly owns 22,923 shares in the company, valued at approximately $7,229,914.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total value of $165,216.00. Following the completion of the transaction, the senior vice president now owns 20,480 shares in the company, valued at approximately $5,639,372.80. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director James D. Plummer sold 2,412 shares of the stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $315.40, for a total transaction of $760,744.80. Following the completion of the transaction, the director now owns 22,923 shares of the company's stock, valued at approximately $7,229,914.20. The disclosure for this sale can be found here. Insiders sold a total of 109,298 shares of company stock worth $33,247,394 in the last ninety days. 1.99% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently commented on CDNS shares. Robert W. Baird boosted their price objective on shares of Cadence Design Systems from $302.00 to $322.00 and gave the company an "outperform" rating in a research report on Thursday, April 18th. Stifel Nicolaus boosted their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a "buy" rating in a research report on Tuesday, February 13th. Piper Sandler decreased their target price on shares of Cadence Design Systems from $334.00 to $318.00 and set a "neutral" rating for the company in a research report on Tuesday, April 23rd. Wells Fargo & Company boosted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 16th. Finally, Morgan Stanley raised shares of Cadence Design Systems from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $260.00 to $350.00 in a research report on Wednesday, February 14th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems has an average rating of "Moderate Buy" and an average price target of $326.11.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock traded down $0.41 on Friday, reaching $294.28. The stock had a trading volume of 957,105 shares, compared to its average volume of 1,364,188. The business's 50-day moving average price is $296.25 and its two-hundred day moving average price is $287.32. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32. Cadence Design Systems, Inc. has a fifty-two week low of $208.50 and a fifty-two week high of $327.36. The stock has a market cap of $80.08 billion, a P/E ratio of 76.64, a price-to-earnings-growth ratio of 3.61 and a beta of 1.06.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share 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 analysts' expectations of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. Cadence Design Systems's revenue for the quarter was down 1.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.02 earnings per share. On average, sell-side analysts forecast that Cadence Design Systems, Inc. will post 4.77 EPS for the current 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.

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