Cadence Design Systems, Inc. (NASDAQ:CDNS) Stake Boosted by National Pension Service

National Pension Service increased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 615,825 shares of the software maker’s stock after acquiring an additional 17,767 shares during the period. National Pension Service’s holdings in Cadence Design Systems were worth $167,732,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Jennison Associates LLC increased its position in Cadence Design Systems by 8.7% during the third quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock worth $1,651,166,000 after buying an additional 564,085 shares during the last quarter. Northern Trust Corp lifted its position in shares of Cadence Design Systems by 5.6% during the 3rd quarter. Northern Trust Corp now owns 2,995,849 shares of the software maker’s stock worth $701,927,000 after purchasing an additional 158,031 shares during the last quarter. Invesco Ltd. grew its holdings in Cadence Design Systems by 4.9% in the 3rd quarter. Invesco Ltd. now owns 2,012,292 shares of the software maker’s stock valued at $471,480,000 after buying an additional 93,984 shares during the last quarter. Nordea Investment Management AB increased its position in Cadence Design Systems by 124.8% in the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock worth $515,995,000 after buying an additional 1,052,228 shares during the period. Finally, Wellington Management Group LLP lifted its holdings in shares of Cadence Design Systems by 143.3% during the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock worth $383,062,000 after buying an additional 962,987 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

CDNS has been the topic of several research analyst reports. Piper Sandler lowered their price objective on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 23rd. Robert W. Baird boosted their price objective on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a report on Thursday, April 18th. KeyCorp increased their target price on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Finally, Morgan Stanley upgraded Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $260.00 to $350.00 in a research report on Wednesday, February 14th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $326.11.

Insider Buying and Selling at Cadence Design Systems

In related news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $165,216.00. Following the sale, the senior vice president now directly owns 20,480 shares in the company, valued at approximately $5,639,372.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Cadence Design Systems news, Director James D. Plummer sold 2,412 shares of the stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $315.40, for a total value of $760,744.80. Following the transaction, the director now directly owns 22,923 shares in the company, valued at approximately $7,229,914.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $165,216.00. Following the sale, the senior vice president now owns 20,480 shares of the company’s stock, valued at approximately $5,639,372.80. The disclosure for this sale can be found here. Insiders have sold a total of 173,066 shares of company stock worth $52,199,975 over the last ninety days. Corporate insiders own 0.62% of the company’s stock.

Cadence Design Systems Price Performance

Shares of CDNS traded down $1.47 during mid-day trading on Wednesday, reaching $282.57. The company had a trading volume of 1,236,974 shares, compared to its average volume of 1,566,338. The company’s 50-day moving average is $301.33 and its 200-day moving average is $283.20. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. The company has a market capitalization of $76.90 billion, a P/E ratio of 73.59, a P/E/G ratio of 3.32 and a beta of 1.06. Cadence Design Systems, Inc. has a twelve month low of $198.92 and a twelve month high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. During the same period in the prior year, the company posted $1.02 earnings per share. The business’s revenue for the quarter was down 1.2% compared to the same quarter last year. On average, equities analysts anticipate that Cadence Design Systems, Inc. will post 4.78 EPS for the current year.

About Cadence Design Systems

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.