Livforsakringsbolaget Skandia Omsesidigt Increases Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Livforsakringsbolaget Skandia Omsesidigt raised its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 81.0% during the 4th quarter, HoldingsChannel.com reports. The fund owned 724 shares of the software maker’s stock after acquiring an additional 324 shares during the period. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Cadence Design Systems were worth $197,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in Cadence Design Systems during the 4th quarter valued at about $770,945,000. Alliancebernstein L.P. increased its position in Cadence Design Systems by 620.0% during the 4th quarter. Alliancebernstein L.P. now owns 2,954,303 shares of the software maker’s stock valued at $474,579,000 after buying an additional 2,543,966 shares in the last quarter. Moneta Group Investment Advisors LLC bought a new position in shares of Cadence Design Systems during the fourth quarter valued at $227,854,000. Nordea Investment Management AB raised its position in shares of Cadence Design Systems by 124.8% in the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock worth $515,995,000 after purchasing an additional 1,052,228 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in Cadence Design Systems by 143.3% in the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock worth $383,062,000 after buying an additional 962,987 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Piper Sandler initiated coverage on Cadence Design Systems in a research note on Thursday, April 4th. They issued a “neutral” rating and a $334.00 price target for the company. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research report on Wednesday, March 6th. Stifel Nicolaus boosted their target price on Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research report on Tuesday, February 13th. Wells Fargo & Company raised their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, 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. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus price target of $318.10.

Cadence Design Systems Stock Down 2.7 %

Shares of Cadence Design Systems stock opened at $285.90 on Friday. The stock has a market cap of $77.83 billion, a price-to-earnings ratio of 74.84, a PEG ratio of 3.57 and a beta of 1.04. The firm’s 50-day moving average is $306.16 and its two-hundred day moving average is $279.39. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13. Cadence Design Systems, Inc. has a 1 year low of $194.01 and a 1 year high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.33 by $0.05. The business had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.06 billion. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The business’s revenue was up 18.8% compared to the same quarter last year. During the same period last year, the business posted $0.75 EPS. As a group, research analysts expect that Cadence Design Systems, Inc. will post 4.82 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, VP Aneel Zaman sold 1,207 shares of the stock in a transaction that occurred on 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 transaction, the vice president now directly owns 61,150 shares of the company’s stock, valued at approximately $18,583,485. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP Aneel Zaman sold 1,207 shares of the company’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $366,807.30. Following the transaction, the vice president now directly owns 61,150 shares of the company’s stock, valued at approximately $18,583,485. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 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 value of $441,870.60. Following the completion of the transaction, the chief executive officer now directly owns 136,455 shares in the company, valued at $41,468,674.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 177,544 shares of company stock valued at $53,581,207. 1.99% of the stock is currently owned by corporate 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.