Norges Bank acquired a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 4,189,372 shares of the software maker’s stock, valued at approximately $1,141,059,000. Norges Bank owned approximately 1.54% of Cadence Design Systems as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. DekaBank Deutsche Girozentrale raised its stake in shares of Cadence Design Systems by 34.5% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 386,993 shares of the software maker’s stock worth $91,775,000 after acquiring an additional 99,251 shares in the last quarter. USA Financial Formulas raised its stake in shares of Cadence Design Systems by 380.7% during the 4th quarter. USA Financial Formulas now owns 8,922 shares of the software maker’s stock worth $2,430,000 after acquiring an additional 7,066 shares in the last quarter. Miracle Mile Advisors LLC bought a new position in shares of Cadence Design Systems during the 4th quarter worth approximately $934,000. Pacer Advisors Inc. raised its stake in shares of Cadence Design Systems by 9.4% during the 4th quarter. Pacer Advisors Inc. now owns 40,409 shares of the software maker’s stock worth $11,006,000 after acquiring an additional 3,484 shares in the last quarter. Finally, Patton Fund Management Inc. bought a new position in shares of Cadence Design Systems during the 4th quarter worth approximately $5,264,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.
Insider Buying and Selling at Cadence Design Systems
In other Cadence Design Systems news, VP Aneel Zaman sold 1,207 shares of the stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $366,807.30. Following the transaction, the vice president now directly owns 61,150 shares of the company’s stock, valued at $18,583,485. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, VP Aneel Zaman sold 1,207 shares of the stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $366,807.30. Following the completion of the sale, the vice president now directly owns 61,150 shares in the company, valued at $18,583,485. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Anirudh Devgan sold 1,454 shares of the stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $441,870.60. Following the completion of the sale, the chief executive officer now owns 136,455 shares of the company’s stock, valued at $41,468,674.50. The disclosure for this sale can be found here. Insiders have sold a total of 109,298 shares of company stock valued at $33,247,394 over the last ninety days. Corporate insiders own 1.99% of the company’s stock.
Analyst Upgrades and Downgrades
A number of brokerages have issued reports on CDNS. Stifel Nicolaus upped their price target on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. Needham & Company LLC restated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research note on Friday. Wells Fargo & Company upped their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday, April 16th. Piper Sandler dropped their price objective on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a report on Tuesday, April 23rd. Finally, Robert W. Baird upped their price objective on shares of Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a report on Thursday, April 18th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $326.11.
Cadence Design Systems Price Performance
CDNS traded down $0.12 during midday trading on Friday, hitting $288.81. 895,919 shares of the company traded hands, compared to its average volume of 1,746,309. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $78.59 billion, a price-to-earnings ratio of 75.21, a PEG ratio of 3.40 and a beta of 1.06. Cadence Design Systems, Inc. has a 52-week low of $203.13 and a 52-week high of $327.36. The business has a 50 day simple moving average of $297.52 and a two-hundred day simple moving average of $286.05.
Cadence Design Systems (NASDAQ:CDNS – Get Free Report) last posted its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.04. The business had revenue of $1.01 billion for 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 company’s revenue was down 1.2% compared to the same quarter last year. During the same period last year, the firm posted $1.02 earnings per share. On average, equities analysts forecast that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current fiscal 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.