APG Asset Management N.V. Raises Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

APG Asset Management N.V. lifted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 61.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 337,358 shares of the software maker’s stock after acquiring an additional 128,769 shares during the period. APG Asset Management N.V.’s holdings in Cadence Design Systems were worth $96,871,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. Empowered Funds LLC grew its position in Cadence Design Systems by 223.8% during the 1st quarter. Empowered Funds LLC now owns 9,181 shares of the software maker’s stock worth $2,858,000 after purchasing an additional 6,346 shares during the last quarter. Norden Group LLC boosted its stake in shares of Cadence Design Systems by 1,659.3% during the first quarter. Norden Group LLC now owns 13,300 shares of the software maker’s stock worth $4,140,000 after buying an additional 12,544 shares during the period. Pinebridge Investments L.P. grew its holdings in shares of Cadence Design Systems by 37.5% during the fourth quarter. Pinebridge Investments L.P. now owns 19,307 shares of the software maker’s stock worth $5,258,000 after buying an additional 5,269 shares during the last quarter. BNP Paribas Financial Markets increased its position in Cadence Design Systems by 58.1% in the 1st quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock valued at $396,470,000 after acquiring an additional 468,195 shares during the period. Finally, Park National Corp OH raised its stake in Cadence Design Systems by 19.8% during the 2nd quarter. Park National Corp OH now owns 136,251 shares of the software maker’s stock valued at $41,931,000 after acquiring an additional 22,537 shares during the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $413,970.00. Following the completion of the transaction, the director now owns 43,551 shares of the company’s stock, valued at approximately $12,019,204.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $307.75, for a total transaction of $184,650.00. Following the completion of the transaction, the senior vice president now owns 19,280 shares of the company’s stock, valued at $5,933,420. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total value of $413,970.00. Following the completion of the sale, the director now owns 43,551 shares in the company, valued at $12,019,204.98. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 38,272 shares of company stock worth $10,833,362. 1.99% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Needham & Company LLC reissued a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a report on Tuesday, July 23rd. KeyCorp boosted their price objective on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Oppenheimer started coverage on shares of Cadence Design Systems in a research note on Wednesday. They issued an “underperform” rating and a $225.00 target price for the company. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a research note on Tuesday, August 6th. Finally, Robert W. Baird reduced their price objective on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $323.60.

Cadence Design Systems Stock Up 0.9 %

Shares of NASDAQ CDNS opened at $274.23 on Friday. The stock has a market capitalization of $74.71 billion, a price-to-earnings ratio of 71.41, a price-to-earnings-growth ratio of 3.30 and a beta of 1.02. Cadence Design Systems, Inc. has a 52 week low of $227.77 and a 52 week high of $328.99. The firm has a 50-day moving average price of $267.62 and a 200 day moving average price of $289.52. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23.

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. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The company’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same period last year, the firm earned $0.94 EPS. Equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.73 EPS for the current fiscal 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.