Hartford Investment Management Co. Has $4.26 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Hartford Investment Management Co. lowered its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.3% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 16,736 shares of the software maker’s stock after selling 218 shares during the period. Hartford Investment Management Co.’s holdings in Cadence Design Systems were worth $4,256,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. GAMMA Investing LLC grew its stake in Cadence Design Systems by 31,049.1% in the 1st quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker’s stock valued at $309,835,000 after buying an additional 1,214,330 shares during the last quarter. Jennison Associates LLC boosted its holdings in shares of Cadence Design Systems by 13.2% during the first quarter. Jennison Associates LLC now owns 9,064,953 shares of the software maker’s stock worth $2,305,489,000 after acquiring an additional 1,054,702 shares during the period. FMR LLC grew its position in shares of Cadence Design Systems by 8.7% in the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock valued at $2,397,266,000 after purchasing an additional 639,146 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Cadence Design Systems by 25.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,937,675 shares of the software maker’s stock worth $882,655,000 after purchasing an additional 601,834 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Cadence Design Systems by 10.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,416,269 shares of the software maker’s stock worth $1,326,912,000 after purchasing an additional 427,418 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on CDNS shares. The Goldman Sachs Group began coverage on Cadence Design Systems in a report on Thursday, July 10th. They issued a “buy” rating and a $380.00 price objective on the stock. Mizuho raised their price target on shares of Cadence Design Systems from $360.00 to $375.00 and gave the stock an “outperform” rating in a research report on Tuesday. Needham & Company LLC reiterated a “buy” rating and issued a $390.00 price objective (up previously from $325.00) on shares of Cadence Design Systems in a research note on Tuesday. Wall Street Zen lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Sunday, July 20th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $355.00 price target (up from $328.00) on shares of Cadence Design Systems in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $364.33.

Insider Transactions at Cadence Design Systems

In related news, Director Ita M. Brennan sold 180 shares of the firm’s stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total transaction of $54,720.00. Following the sale, the director owned 8,010 shares of the company’s stock, valued at $2,435,040. This trade represents a 2.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director James D. Plummer sold 868 shares of the business’s stock in a transaction on Friday, May 16th. The stock was sold at an average price of $319.95, for a total value of $277,716.60. Following the sale, the director owned 23,996 shares in the company, valued at $7,677,520.20. This represents a 3.49% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,698 shares of company stock worth $1,126,667. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Down 2.1%

Shares of CDNS opened at $356.97 on Friday. The firm has a 50 day simple moving average of $313.43 and a two-hundred day simple moving average of $290.80. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.82 and a quick ratio of 2.90. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $376.45. The company has a market cap of $97.27 billion, a P/E ratio of 96.48, a P/E/G ratio of 4.78 and a beta of 0.97.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, July 28th. The software maker reported $1.65 EPS for the quarter, topping analysts’ consensus estimates of $1.56 by $0.09. Cadence Design Systems had a return on equity of 29.65% and a net margin of 19.88%. The company had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter in the previous year, the firm earned $1.28 EPS. Cadence Design Systems’s revenue was up 20.2% on a year-over-year basis. Research analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS 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.