Northern Trust Corp Has $911.28 Million Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Northern Trust Corp grew its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 16.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,032,957 shares of the software maker's stock after purchasing an additional 421,507 shares during the period. Northern Trust Corp owned approximately 1.11% of Cadence Design Systems worth $911,282,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in CDNS. Vanguard Group Inc. lifted its stake in Cadence Design Systems by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker's stock valued at $7,784,674,000 after purchasing an additional 201,340 shares during the last quarter. Jennison Associates LLC lifted its holdings in Cadence Design Systems by 5.3% in the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker's stock worth $2,406,760,000 after purchasing an additional 404,076 shares during the last quarter. FMR LLC boosted its holdings in Cadence Design Systems by 8.7% during the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock valued at $2,397,266,000 after acquiring an additional 639,146 shares during the period. Geode Capital Management LLC increased its position in shares of Cadence Design Systems by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker's stock valued at $1,806,019,000 after purchasing an additional 135,251 shares during the period. Finally, Alliancebernstein L.P. lifted its holdings in shares of Cadence Design Systems by 12.5% during the 4th quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock worth $1,705,469,000 after acquiring an additional 632,175 shares during the period. 84.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CDNS shares. Rosenblatt Securities lifted their price objective on Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a report on Tuesday. Redburn Atlantic assumed coverage on Cadence Design Systems in a research note on Monday, January 13th. They issued a "buy" rating and a $350.00 price objective on the stock. Piper Sandler increased their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a research note on Wednesday, February 19th. Oppenheimer dropped their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research report on Wednesday, March 19th. Finally, StockNews.com cut Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $322.54.

Cadence Design Systems Stock Performance

Shares of CDNS traded up $8.42 during midday trading on Friday, reaching $308.15. The stock had a trading volume of 1,935,489 shares, compared to its average volume of 1,953,420. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $328.99. The firm has a market cap of $84.53 billion, a PE ratio of 79.83, a P/E/G ratio of 3.88 and a beta of 1.14. The firm has a 50 day simple moving average of $257.13 and a 200-day simple moving average of $282.53. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings data 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. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.24 billion. During the same period last year, the firm posted $1.17 earnings per share. The business's revenue was up 23.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Activity

In related news, VP Paul Cunningham sold 650 shares of the business's stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total value of $190,008.00. Following the completion of the sale, the vice president now directly owns 58,773 shares in the company, valued at approximately $17,180,523.36. The trade was a 1.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Paul Scannell sold 4,710 shares of the 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 approximately $8,532,600. This trade represents a 14.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,840 shares of company stock valued at $1,980,999. 1.99% of the stock is owned by insiders.

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.