Livforsakringsbolaget Skandia Omsesidigt Raises Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Livforsakringsbolaget Skandia Omsesidigt lifted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 345.8% during the 3rd quarter, Holdings Channel reports. The fund owned 2,336 shares of the software maker’s stock after buying an additional 1,812 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Cadence Design Systems were worth $633,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. JGP Wealth Management LLC boosted its holdings in Cadence Design Systems by 5.4% in the 3rd quarter. JGP Wealth Management LLC now owns 2,624 shares of the software maker’s stock valued at $711,000 after purchasing an additional 134 shares during the last quarter. Pinnacle Bancorp Inc. raised its position in shares of Cadence Design Systems by 16.1% during the 3rd quarter. Pinnacle Bancorp Inc. now owns 2,524 shares of the software maker’s stock valued at $684,000 after buying an additional 350 shares during the period. Tobam lifted its holdings in Cadence Design Systems by 47.4% in the third quarter. Tobam now owns 1,237 shares of the software maker’s stock valued at $335,000 after acquiring an additional 398 shares during the last quarter. Strategic Advisors LLC grew its position in Cadence Design Systems by 100.8% in the third quarter. Strategic Advisors LLC now owns 7,649 shares of the software maker’s stock worth $2,073,000 after acquiring an additional 3,840 shares during the period. Finally, Sendero Wealth Management LLC acquired a new stake in Cadence Design Systems during the third quarter worth $1,404,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on CDNS shares. Robert W. Baird decreased their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 23rd. KeyCorp upped their target price on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Monday, October 7th. Finally, Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a research report on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $323.60.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $282.39 on Monday. Cadence Design Systems, Inc. has a 1 year low of $228.66 and a 1 year high of $328.99. The stock has a market capitalization of $76.93 billion, a PE ratio of 73.54, a PEG ratio of 3.37 and a beta of 1.02. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. The stock has a 50-day simple moving average of $268.79 and a 200-day simple moving average of $286.02.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.06. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The firm had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter last year, the company earned $0.94 earnings per share. The firm’s revenue was up 8.6% compared to the same quarter last year. On average, analysts predict that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the sale, the chief financial officer now directly owns 38,654 shares in the company, valued at $10,278,485.14. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the transaction, the chief financial officer now directly owns 38,654 shares in the company, valued at $10,278,485.14. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $273.44, for a total transaction of $177,736.00. Following the sale, the vice president now owns 61,761 shares of the company’s stock, valued at $16,887,927.84. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 26,847 shares of company stock worth $7,302,782. Corporate insiders own 1.99% of the company’s stock.

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.