KLP Kapitalforvaltning AS Purchases New Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS)

KLP Kapitalforvaltning AS purchased a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 97,500 shares of the software maker’s stock, valued at approximately $29,295,000.

Several other institutional investors have also added to or reduced their stakes in the company. Avior Wealth Management LLC increased its holdings in Cadence Design Systems by 12.4% in the 4th quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock worth $98,000 after purchasing an additional 36 shares in the last quarter. Lindbrook Capital LLC grew its position in shares of Cadence Design Systems by 1.7% in the 4th quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker’s stock valued at $670,000 after buying an additional 38 shares during the last quarter. Empower Advisory Group LLC grew its position in shares of Cadence Design Systems by 4.9% in the 4th quarter. Empower Advisory Group LLC now owns 875 shares of the software maker’s stock valued at $263,000 after buying an additional 41 shares during the last quarter. Marcum Wealth LLC grew its position in shares of Cadence Design Systems by 4.1% in the 4th quarter. Marcum Wealth LLC now owns 1,123 shares of the software maker’s stock valued at $337,000 after buying an additional 44 shares during the last quarter. Finally, CX Institutional grew its position in shares of Cadence Design Systems by 2.6% in the 4th quarter. CX Institutional now owns 1,791 shares of the software maker’s stock valued at $538,000 after buying an additional 46 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Redburn Atlantic assumed coverage on Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 price target on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $325.00 price target on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Rosenblatt Securities upped their price target on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Finally, Piper Sandler upped their target price on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $324.83.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total value of $198,146.00. Following the completion of the sale, the vice president now directly owns 59,311 shares of the company’s stock, valued at $18,080,365.24. This represents a 1.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total value of $1,799,916.80. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $16,987,930.96. This trade represents a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 101,021 shares of company stock valued at $31,229,155 over the last ninety days. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Stock Up 1.5 %

Shares of NASDAQ:CDNS opened at $262.42 on Friday. The business’s 50 day simple moving average is $278.01 and its two-hundred day simple moving average is $283.98. The firm has a market cap of $71.93 billion, a P/E ratio of 67.98, a PEG ratio of 3.88 and a beta of 1.05. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. Cadence Design Systems, Inc. has a 52-week low of $230.09 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. As a group, 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.