Swedbank AB Boosts Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Swedbank AB boosted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 15.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,753,814 shares of the software maker’s stock after buying an additional 230,672 shares during the quarter. Swedbank AB’s holdings in Cadence Design Systems were worth $475,336,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Principal Financial Group Inc. lifted its position in Cadence Design Systems by 280.1% in the second quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock valued at $467,676,000 after acquiring an additional 1,119,824 shares during the last quarter. BNP Paribas Financial Markets increased its position in Cadence Design Systems by 58.1% during the 1st quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after purchasing an additional 468,195 shares during the period. Jennison Associates LLC boosted its position in shares of Cadence Design Systems by 6.9% during the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock worth $2,205,582,000 after purchasing an additional 459,603 shares in the last quarter. 1832 Asset Management L.P. increased its holdings in Cadence Design Systems by 111.5% in the first quarter. 1832 Asset Management L.P. now owns 856,410 shares of the software maker’s stock valued at $266,583,000 after buying an additional 451,530 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in Cadence Design Systems by 1.8% during the first quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock worth $7,763,496,000 after purchasing an additional 437,101 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Trading Down 3.5 %

CDNS stock traded down $9.81 during trading on Tuesday, reaching $272.33. 1,282,077 shares of the stock traded hands, compared to its average volume of 1,698,663. The business’s 50 day moving average price is $269.49 and its 200-day moving average price is $285.81. The firm has a market capitalization of $74.19 billion, a PE ratio of 71.64, a P/E/G ratio of 3.37 and a beta of 1.02. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32. Cadence Design Systems, Inc. has a 52-week low of $228.66 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, beating the consensus estimate of $1.22 by $0.06. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same quarter last year, the firm posted $0.94 earnings per share. Cadence Design Systems’s revenue for the quarter was up 8.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

Insider Activity

In other news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $273.44, for a total transaction of $177,736.00. Following the sale, the vice president now owns 61,761 shares in the company, valued at $16,887,927.84. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $273.44, for a total transaction of $177,736.00. Following the completion of the sale, the vice president now owns 61,761 shares of the company’s stock, valued at approximately $16,887,927.84. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $276.24, for a total transaction of $414,360.00. Following the completion of the sale, the director now owns 45,051 shares in the company, valued at approximately $12,444,888.24. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 26,847 shares of company stock worth $7,302,782. 1.99% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CDNS. Rosenblatt Securities restated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Monday, October 7th. Needham & Company LLC reiterated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective on the stock in a research report on Tuesday, August 6th. Berenberg Bank began coverage on Cadence Design Systems in a research report on Tuesday. They set a “buy” rating and a $320.00 price objective for the company. Finally, Oppenheimer started coverage on shares of Cadence Design Systems in a report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price on the stock. One analyst has rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $323.27.

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.