MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH Buys New Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS)

MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH purchased a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 309 shares of the software maker’s stock, valued at approximately $96,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Norges Bank bought a new position in shares of Cadence Design Systems during the fourth quarter worth $1,141,059,000. Nordea Investment Management AB grew its position in shares of Cadence Design Systems by 124.8% during the fourth quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after purchasing an additional 1,052,228 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Cadence Design Systems by 143.3% in the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock worth $383,062,000 after purchasing an additional 962,987 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Cadence Design Systems by 261.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock worth $169,022,000 after buying an additional 448,918 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in Cadence Design Systems by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 24,503,455 shares of the software maker’s stock valued at $6,674,006,000 after buying an additional 384,637 shares during the last quarter. 84.85% of the stock is owned by institutional investors.

Insider Transactions at Cadence Design Systems

In related news, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the senior vice president now owns 20,480 shares in the company, valued at $5,639,372.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total value of $165,216.00. Following the completion of the sale, the senior vice president now directly owns 20,480 shares of the company’s stock, valued at $5,639,372.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Chin-Chi Teng sold 10,000 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the transaction, the vice president now directly owns 95,408 shares in the company, valued at approximately $29,179,582.72. The disclosure for this sale can be found here. Over the last three months, insiders have sold 50,134 shares of company stock valued at $14,978,483. 0.62% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Wells Fargo & Company upped their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. Bank of America lifted their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Piper Sandler lowered their price objective on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research note on Tuesday, April 23rd. Finally, Rosenblatt Securities restated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a report on Monday, April 22nd. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $334.89.

Cadence Design Systems Price Performance

CDNS opened at $316.78 on Wednesday. The business has a fifty day moving average of $295.02 and a 200 day moving average of $294.24. The stock has a market cap of $86.30 billion, a P/E ratio of 82.49, a PEG ratio of 3.77 and a beta of 1.03. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. Cadence Design Systems, Inc. has a 52-week low of $217.77 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The business’s revenue was down 1.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.02 earnings per share. As a group, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 4.77 EPS for the current year.

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.