Nordea Investment Management AB Grows Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Nordea Investment Management AB lifted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.5% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 2,933,392 shares of the software maker’s stock after acquiring an additional 178,212 shares during the period. Cadence Design Systems makes up approximately 0.9% of Nordea Investment Management AB’s investment portfolio, making the stock its 17th largest holding. Nordea Investment Management AB owned 1.07% of Cadence Design Systems worth $885,356,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of CDNS. Central Pacific Bank Trust Division lifted its stake in shares of Cadence Design Systems by 7.5% during the fourth quarter. Central Pacific Bank Trust Division now owns 4,472 shares of the software maker’s stock worth $1,344,000 after buying an additional 312 shares during the period. GAMMA Investing LLC raised its stake in Cadence Design Systems by 25.4% in the 4th quarter. GAMMA Investing LLC now owns 3,911 shares of the software maker’s stock worth $1,175,000 after acquiring an additional 792 shares during the last quarter. Versant Capital Management Inc lifted its position in Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after acquiring an additional 87 shares during the period. Dantai Capital Ltd increased its holdings in shares of Cadence Design Systems by 44.0% in the third quarter. Dantai Capital Ltd now owns 6,377 shares of the software maker’s stock valued at $1,728,000 after purchasing an additional 1,947 shares during the period. Finally, Synovus Financial Corp raised its stake in shares of Cadence Design Systems by 16.3% in the third quarter. Synovus Financial Corp now owns 2,851 shares of the software maker’s stock worth $773,000 after purchasing an additional 400 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Trading Up 2.1 %

Shares of CDNS stock opened at $303.86 on Monday. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99. The stock has a market cap of $83.34 billion, a price-to-earnings ratio of 79.75, a PEG ratio of 4.19 and a beta of 1.04. The company’s 50-day moving average price is $301.62 and its 200-day moving average price is $286.06. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.20. The business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The business’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.01 EPS. As a group, equities analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CDNS. Needham & Company LLC dropped their price objective on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Loop Capital initiated coverage on Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 price target on the stock. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Wells Fargo & Company assumed coverage on Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target for the company. Finally, Mizuho raised their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $327.92.

Insider Transactions at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total transaction of $425,490.00. Following the sale, the director now owns 42,051 shares of the company’s stock, valued at approximately $11,928,186.66. This represents a 3.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John M. Wall sold 4,224 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total transaction of $1,305,342.72. Following the sale, the chief financial officer now directly owns 29,248 shares in the company, valued at approximately $9,038,509.44. The trade was a 12.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,220 shares of company stock worth $3,085,474. 1.99% of the stock is currently owned by insiders.

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.