Cadence Design Systems, Inc. $CDNS Shares Purchased by National Pension Service

National Pension Service boosted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 743,872 shares of the software maker’s stock after buying an additional 12,709 shares during the quarter. National Pension Service owned approximately 0.27% of Cadence Design Systems worth $261,292,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of CDNS. Norges Bank purchased a new position in shares of Cadence Design Systems in the second quarter valued at approximately $1,190,618,000. Massachusetts Financial Services Co. MA increased its position in shares of Cadence Design Systems by 16.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 5,314,407 shares of the software maker’s stock worth $1,866,739,000 after purchasing an additional 731,788 shares in the last quarter. Voya Investment Management LLC raised its stake in Cadence Design Systems by 914.2% in the 3rd quarter. Voya Investment Management LLC now owns 691,071 shares of the software maker’s stock valued at $242,746,000 after purchasing an additional 622,934 shares during the last quarter. Scge Management L.P. purchased a new position in Cadence Design Systems in the 2nd quarter valued at $187,663,000. Finally, Bain Capital Public Equity Management II LLC acquired a new stake in Cadence Design Systems during the 2nd quarter worth $130,534,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on CDNS. Oppenheimer upgraded shares of Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 target price for the company in a research report on Monday, December 1st. KeyCorp reiterated an “overweight” rating and issued a $405.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 28th. Citigroup initiated coverage on shares of Cadence Design Systems in a research note on Monday, November 24th. They issued a “buy” rating and a $385.00 target price on the stock. Rosenblatt Securities upped their price target on Cadence Design Systems from $320.00 to $335.00 and gave the company a “neutral” rating in a research report on Tuesday, October 28th. Finally, JPMorgan Chase & Co. increased their price target on Cadence Design Systems from $390.00 to $405.00 and gave the company an “overweight” rating in a report on Tuesday, October 28th. Thirteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average target price of $379.59.

Cadence Design Systems Price Performance

CDNS stock opened at $296.36 on Friday. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $376.45. The company has a quick ratio of 2.84, a current ratio of 3.05 and a debt-to-equity ratio of 0.48. The stock has a market cap of $80.67 billion, a price-to-earnings ratio of 76.38, a price-to-earnings-growth ratio of 3.38 and a beta of 1.02. The business has a fifty day moving average of $317.89 and a two-hundred day moving average of $332.92.

Insider Activity

In other Cadence Design Systems news, CEO Anirudh Devgan sold 20,000 shares of Cadence Design Systems stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $340.00, for a total transaction of $6,800,000.00. Following the completion of the sale, the chief executive officer directly owned 195,844 shares in the company, valued at $66,586,960. This trade represents a 9.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Scannell sold 5,490 shares of the business’s stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $339.43, for a total transaction of $1,863,470.70. Following the completion of the sale, the vice president directly owned 20,321 shares in the company, valued at $6,897,557.03. This trade represents a 21.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 62,025 shares of company stock worth $20,369,946. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Profile

Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.