Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Norden Group LLC

Norden Group LLC grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1,659.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,300 shares of the software maker’s stock after acquiring an additional 12,544 shares during the period. Norden Group LLC’s holdings in Cadence Design Systems were worth $4,140,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Norges Bank bought a new stake in Cadence Design Systems in the fourth quarter valued at about $1,141,059,000. Nordea Investment Management AB increased its holdings in shares of 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 valued at $515,995,000 after acquiring an additional 1,052,228 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Cadence Design Systems by 143.3% during the 3rd quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after acquiring an additional 962,987 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in Cadence Design Systems by 261.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock worth $169,022,000 after purchasing an additional 448,918 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Cadence Design Systems by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 24,503,455 shares of the software maker’s stock worth $6,674,006,000 after purchasing an additional 384,637 shares during the period. Institutional investors own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

CDNS has been the topic of a number of recent research reports. Piper Sandler reduced their price target on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 23rd. Needham & Company LLC reissued a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a report on Friday, May 17th. KeyCorp upped their target price on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Monday, April 22nd. Finally, Bank of America upped their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Three analysts have rated the stock with a hold rating and seven 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 an average price target of $334.89.

Insider Transactions at Cadence Design Systems

In related news, VP Chin-Chi Teng sold 32,184 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the transaction, the vice president now owns 95,408 shares in the company, valued at $28,379,109.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $308.83, for a total value of $463,245.00. Following the completion of the sale, the director now directly owns 50,183 shares of the company’s stock, valued at approximately $15,498,015.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Chin-Chi Teng sold 32,184 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the completion of the transaction, the vice president now directly owns 95,408 shares in the company, valued at approximately $28,379,109.60. The disclosure for this sale can be found here. In the last three months, insiders sold 50,134 shares of company stock valued at $14,978,483. Company insiders own 0.62% of the company’s stock.

Cadence Design Systems Stock Down 0.4 %

Shares of Cadence Design Systems stock opened at $315.47 on Thursday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. Cadence Design Systems, Inc. has a 1-year low of $217.77 and a 1-year high of $328.99. The business’s fifty day moving average price is $295.72 and its two-hundred day moving average price is $294.56. The company has a market capitalization of $85.94 billion, a P/E ratio of 82.15, a PEG ratio of 3.88 and a beta of 1.03.

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