SeaTown Holdings Pte. Ltd. Invests $7.61 Million in Cadence Design Systems, Inc. (NASDAQ:CDNS)

SeaTown Holdings Pte. Ltd. acquired a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 27,950 shares of the software maker’s stock, valued at approximately $7,613,000.

Several other large investors also recently made changes to their positions in the stock. Parkside Financial Bank & Trust increased its position in shares of Cadence Design Systems by 8.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker’s stock worth $140,000 after acquiring an additional 38 shares in the last quarter. Highview Capital Management LLC DE boosted its holdings in Cadence Design Systems by 0.8% during the fourth quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock worth $1,411,000 after purchasing an additional 39 shares during the last quarter. BSW Wealth Partners lifted its stake in Cadence Design Systems by 2.8% in the fourth quarter. BSW Wealth Partners now owns 1,624 shares of the software maker’s stock valued at $442,000 after acquiring an additional 44 shares during the last quarter. Savant Capital LLC lifted its stake in Cadence Design Systems by 2.7% in the third quarter. Savant Capital LLC now owns 1,733 shares of the software maker’s stock valued at $406,000 after acquiring an additional 45 shares during the last quarter. Finally, Optas LLC lifted its stake in Cadence Design Systems by 3.1% in the fourth quarter. Optas LLC now owns 1,565 shares of the software maker’s stock valued at $426,000 after acquiring an additional 47 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on CDNS shares. Piper Sandler cut their price target on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research note on Tuesday, April 23rd. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research report on Monday, April 22nd. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. Finally, KeyCorp increased their price objective on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $326.11.

Check Out Our Latest Stock Analysis on Cadence Design Systems

Insider Buying and Selling

In related news, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total transaction of $275,360.00. Following the sale, the vice president now directly owns 67,144 shares in the company, valued at approximately $18,488,771.84. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total value of $165,216.00. Following the transaction, the senior vice president now owns 20,480 shares in the company, valued at approximately $5,639,372.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $275,360.00. Following the completion of the transaction, the vice president now owns 67,144 shares in the company, valued at approximately $18,488,771.84. The disclosure for this sale can be found here. Insiders have sold a total of 173,066 shares of company stock worth $52,199,975 in the last ninety days. Company insiders own 0.62% of the company’s stock.

Cadence Design Systems Price Performance

CDNS stock traded up $9.02 during mid-day trading on Wednesday, hitting $292.35. The stock had a trading volume of 1,033,122 shares, compared to its average volume of 1,537,125. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. Cadence Design Systems, Inc. has a 52 week low of $201.73 and a 52 week high of $327.36. The firm has a market capitalization of $79.56 billion, a P/E ratio of 75.71, a P/E/G ratio of 3.35 and a beta of 1.06. The firm has a fifty day simple moving average of $298.89 and a 200 day simple moving average of $284.98.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) last posted its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. During the same period last year, the company posted $1.02 EPS. The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. As a group, research analysts forecast that Cadence Design Systems, Inc. will post 4.78 EPS for the current year.

Cadence Design Systems Profile

(Free Report)

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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