Temasek Holdings Private Ltd Invests $33.33 Million in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Temasek Holdings Private Ltd bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the third quarter, HoldingsChannel reports. The institutional investor bought 122,979 shares of the software maker’s stock, valued at approximately $33,331,000.

A number of other institutional investors have also made changes to their positions in the company. State Street Corp raised its holdings in Cadence Design Systems by 0.5% in the third quarter. State Street Corp now owns 11,922,747 shares of the software maker’s stock valued at $3,231,422,000 after acquiring an additional 60,490 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in Cadence Design Systems in the third quarter valued at $3,149,000. Quantinno Capital Management LP raised its holdings in Cadence Design Systems by 4.2% in the third quarter. Quantinno Capital Management LP now owns 58,176 shares of the software maker’s stock valued at $15,767,000 after acquiring an additional 2,342 shares in the last quarter. Royal London Asset Management Ltd. raised its holdings in Cadence Design Systems by 4.4% in the third quarter. Royal London Asset Management Ltd. now owns 148,107 shares of the software maker’s stock valued at $40,141,000 after acquiring an additional 6,231 shares in the last quarter. Finally, Point72 Asset Management L.P. acquired a new stake in Cadence Design Systems in the third quarter valued at $20,687,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Stock Performance

CDNS stock opened at $303.79 on Friday. The company has a market capitalization of $83.32 billion, a P/E ratio of 79.73, a PEG ratio of 4.25 and a beta of 1.03. The company has a 50-day simple moving average of $285.09 and a 200 day simple moving average of $285.10. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.20. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.01 earnings per share. Sell-side analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CDNS has been the subject of several recent research reports. Loop Capital initiated coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They set a “buy” rating and a $360.00 target price for the company. Berenberg Bank initiated coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price for the company. Oppenheimer initiated coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price for the company. Wells Fargo & Company initiated coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price for the company. Finally, Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $326.00.

Insider Buying and Selling

In other Cadence Design Systems news, SVP Karna Nisewaner sold 659 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total value of $181,870.82. Following the completion of the sale, the senior vice president now directly owns 16,029 shares of the company’s stock, valued at approximately $4,423,683.42. This represents a 3.95 % decrease in their position. The sale was disclosed in a legal 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 Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total transaction of $413,970.00. Following the sale, the director now directly owns 43,551 shares of the company’s stock, valued at $12,019,204.98. This represents a 3.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,634 shares of company stock valued at $1,584,080 over the last 90 days. 1.99% of the stock is currently owned by company insiders.

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.