Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Tredje AP fonden

Tredje AP fonden raised its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 155.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 20,715 shares of the software maker’s stock after acquiring an additional 12,600 shares during the quarter. Tredje AP fonden’s holdings in Cadence Design Systems were worth $6,375,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Ulland Investment Advisors LLC acquired a new position in shares of Cadence Design Systems in the 1st quarter valued at $25,000. RiverPark Advisors LLC purchased a new position in Cadence Design Systems in the first quarter valued at $26,000. ORG Partners LLC raised its position in shares of Cadence Design Systems by 911.1% in the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after acquiring an additional 82 shares during the period. Annapolis Financial Services LLC purchased a new stake in shares of Cadence Design Systems during the 1st quarter worth about $32,000. Finally, Union Savings Bank acquired a new stake in shares of Cadence Design Systems during the 4th quarter valued at about $33,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. KeyCorp upped their price target on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Bank of America increased their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Needham & Company LLC reissued a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective on the stock in a report on Tuesday, August 6th. Finally, Rosenblatt Securities reissued a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, August 6th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $334.56.

Cadence Design Systems Stock Performance

CDNS opened at $269.69 on Thursday. Cadence Design Systems, Inc. has a twelve month low of $227.05 and a twelve month high of $328.99. The firm has a market capitalization of $73.47 billion, a PE ratio of 70.23, a PEG ratio of 3.19 and a beta of 1.02. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. The firm’s 50-day moving average price is $271.06 and its 200 day moving average price is $290.86.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same period in the prior year, the business earned $0.94 earnings per share. The business’s revenue was up 8.6% compared to the same quarter last year. As a group, sell-side analysts expect that Cadence Design Systems, Inc. will post 4.73 EPS for the current fiscal year.

Insider Transactions at Cadence Design Systems

In related 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 owns 16,029 shares of the company’s stock, valued at $4,423,683.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $305.84, for a total value of $3,058,400.00. Following the transaction, the vice president now directly owns 95,408 shares in the company, valued at $29,179,582.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Karna Nisewaner sold 659 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $181,870.82. Following the sale, the senior vice president now directly owns 16,029 shares of the company’s stock, valued at approximately $4,423,683.42. The disclosure for this sale can be found here. Insiders have sold a total of 36,772 shares of company stock worth $10,419,392 in the last quarter. Company insiders own 1.99% of the company’s stock.

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.