Forsta AP Fonden Sells 14,400 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Forsta AP Fonden cut its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 20.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 56,000 shares of the software maker’s stock after selling 14,400 shares during the quarter. Forsta AP Fonden’s holdings in Cadence Design Systems were worth $14,242,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC raised its stake in Cadence Design Systems by 31,049.1% during the first 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 Cadence Design Systems by 13.2% in 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 in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Cadence Design Systems by 25.8% in 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 acquiring an additional 601,834 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Cadence Design Systems by 1.7% in the first quarter. Vanguard Group Inc. now owns 26,339,142 shares of the software maker’s stock worth $6,698,834,000 after acquiring an additional 429,955 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Cadence Design Systems by 10.7% in the fourth 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 acquiring an additional 427,418 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CDNS has been the topic of several analyst reports. Piper Sandler reissued a “neutral” rating and issued a $355.00 target price (up from $328.00) on shares of Cadence Design Systems in a report on Tuesday, July 29th. Stifel Nicolaus boosted their price target on Cadence Design Systems from $350.00 to $395.00 and gave the stock a “buy” rating in a research note on Tuesday, July 29th. Loop Capital boosted their price target on Cadence Design Systems from $370.00 to $390.00 and gave the stock a “buy” rating in a research note on Tuesday, July 29th. Bank of America boosted their price target on Cadence Design Systems from $320.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, April 29th. Finally, The Goldman Sachs Group began coverage on Cadence Design Systems in a research note on Thursday, July 10th. They issued a “buy” rating and a $380.00 price target for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average target price of $364.33.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $352.06 on Friday. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.82 and a quick ratio of 2.67. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $376.45. The firm has a market capitalization of $95.93 billion, a P/E ratio of 95.15, a PEG ratio of 4.65 and a beta of 0.97. The business has a fifty day moving average of $319.34 and a 200 day moving average of $292.67.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the previous year, the company posted $1.28 earnings per share. Cadence Design Systems’s revenue for the quarter was up 20.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the business’s stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $358.72, for a total transaction of $358,720.00. Following the completion of the sale, the vice president owned 104,499 shares of the company’s stock, valued at approximately $37,485,881.28. The trade was a 0.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director James D. Plummer sold 868 shares of the company’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $319.95, for a total value of $277,716.60. Following the completion of the transaction, the director directly owned 23,996 shares of the company’s stock, valued at approximately $7,677,520.20. This trade represents a 3.49% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,698 shares of company stock valued at $1,485,387. Company insiders own 1.99% of the company’s stock.

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.