Citigroup Inc. Acquires 159,419 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Citigroup Inc. boosted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNSGet Rating) by 87.3% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 342,120 shares of the software maker’s stock after buying an additional 159,419 shares during the period. Citigroup Inc. owned approximately 0.12% of Cadence Design Systems worth $63,755,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the stock. Liontrust Investment Partners LLP bought a new stake in Cadence Design Systems during the third quarter worth about $225,524,000. Allspring Global Investments Holdings LLC bought a new stake in Cadence Design Systems during the fourth quarter worth about $216,223,000. The Manufacturers Life Insurance Company lifted its stake in Cadence Design Systems by 32.7% during the third quarter. The Manufacturers Life Insurance Company now owns 3,461,064 shares of the software maker’s stock worth $524,144,000 after purchasing an additional 852,450 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Cadence Design Systems by 30.8% during the third quarter. Goldman Sachs Group Inc. now owns 1,889,125 shares of the software maker’s stock worth $286,089,000 after purchasing an additional 444,736 shares during the last quarter. Finally, Ardevora Asset Management LLP bought a new stake in Cadence Design Systems during the fourth quarter worth about $75,931,000. 84.07% of the stock is owned by institutional investors.

Shares of NASDAQ:CDNS opened at $142.44 on Friday. Cadence Design Systems, Inc. has a 1 year low of $118.11 and a 1 year high of $192.70. The company has a market cap of $39.28 billion, a PE ratio of 53.35, a P/E/G ratio of 2.55 and a beta of 1.13. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.81 and a quick ratio of 1.69. The stock’s 50-day moving average is $153.34 and its 200 day moving average is $162.47.

Cadence Design Systems (NASDAQ:CDNSGet Rating) last announced its quarterly earnings results on Monday, April 25th. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.15. Cadence Design Systems had a return on equity of 31.01% and a net margin of 23.59%. The company had revenue of $902.00 million for the quarter, compared to the consensus estimate of $859.63 million. During the same quarter in the previous year, the business earned $0.67 EPS. Cadence Design Systems’s revenue was up 22.6% compared to the same quarter last year. Analysts expect that Cadence Design Systems, Inc. will post 3.13 EPS for the current fiscal year.

In other news, insider Lip Bu Tan sold 70,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 3rd. The stock was sold at an average price of $152.30, for a total value of $10,661,000.00. Following the sale, the insider now directly owns 1,237,268 shares of the company’s stock, valued at approximately $188,435,916.40. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director James D. Plummer sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, April 28th. The stock was sold at an average price of $156.44, for a total value of $3,128,800.00. Following the completion of the sale, the director now directly owns 28,674 shares in the company, valued at $4,485,760.56. The disclosure for this sale can be found here. Insiders have sold a total of 296,043 shares of company stock worth $45,192,594 in the last quarter. Company insiders own 1.99% of the company’s stock.

Several research analysts have recently commented on CDNS shares. Zacks Investment Research upgraded Cadence Design Systems from a “hold” rating to a “buy” rating and set a $161.00 price objective on the stock in a report on Thursday, April 28th. JPMorgan Chase & Co. decreased their price objective on Cadence Design Systems from $185.00 to $175.00 and set a “neutral” rating on the stock in a report on Wednesday, February 23rd. Needham & Company LLC lifted their price objective on Cadence Design Systems from $185.00 to $193.00 and gave the stock a “buy” rating in a report on Tuesday, April 26th. Robert W. Baird decreased their price objective on Cadence Design Systems from $211.00 to $203.00 in a report on Tuesday, April 26th. Finally, Berenberg Bank upgraded Cadence Design Systems from a “hold” rating to a “buy” rating and set a $180.00 price objective on the stock in a report on Wednesday, February 23rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Buy” and an average price target of $184.58.

Cadence Design Systems Company Profile (Get Rating)

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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Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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