GLOBALT Investments LLC GA bought a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 20,573 shares of the software maker’s stock, valued at approximately $5,603,000.
A number of other institutional investors and hedge funds also recently made changes to their positions in CDNS. Norges Bank acquired a new stake in shares of Cadence Design Systems in the 4th quarter valued at $1,141,059,000. Northern Trust Corp raised its stake 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 worth $701,927,000 after acquiring an additional 158,031 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Cadence Design Systems by 4.9% in the third quarter. Invesco Ltd. now owns 2,012,292 shares of the software maker’s stock worth $471,480,000 after acquiring an additional 93,984 shares during the last quarter. Nordea Investment Management AB grew its holdings 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 valued at $515,995,000 after purchasing an additional 1,052,228 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in 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 purchasing an additional 962,987 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.
Analysts Set New Price Targets
A number of research firms have weighed in on CDNS. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Monday, April 22nd. Wells Fargo & Company upped their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. KeyCorp lifted their price target on Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research note on Friday, May 17th. Finally, Bank of America lifted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $331.11.
Read Our Latest Stock Report on Cadence Design Systems
Insiders Place Their Bets
In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $308.83, for a total transaction of $463,245.00. Following the transaction, the director now owns 50,183 shares of the company’s stock, valued at approximately $15,498,015.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Cadence Design Systems news, CFO John M. Wall sold 21,700 shares of the firm’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $311.40, for a total value of $6,757,380.00. Following the transaction, the chief financial officer now directly owns 41,035 shares of the company’s stock, valued at $12,778,299. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $308.83, for a total transaction of $463,245.00. Following the sale, the director now directly owns 50,183 shares of the company’s stock, valued at $15,498,015.89. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 133,459 shares of company stock worth $40,344,198. 1.99% of the stock is currently owned by company insiders.
Cadence Design Systems Stock Performance
Shares of CDNS opened at $312.10 on Friday. The firm’s fifty day simple moving average is $291.45 and its two-hundred day simple moving average is $290.39. Cadence Design Systems, Inc. has a 12 month low of $217.77 and a 12 month high of $327.36. 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 stock has a market capitalization of $85.02 billion, a P/E ratio of 81.28, a price-to-earnings-growth ratio of 3.76 and a beta of 1.04.
Cadence Design Systems (NASDAQ:CDNS – Get Free Report) last issued its earnings results 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 the consensus estimate of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm’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 posted $1.02 earnings per share. As a group, analysts predict that Cadence Design Systems, Inc. will post 4.77 EPS for the current year.
About Cadence Design Systems
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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