Andra AP fonden Lowers Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Andra AP fonden cut its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 67.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,900 shares of the software maker’s stock after selling 18,700 shares during the quarter. Andra AP fonden’s holdings in Cadence Design Systems were worth $2,739,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Norges Bank bought a new stake in Cadence Design Systems in the fourth quarter worth $1,141,059,000. Swedbank AB bought a new stake in shares of Cadence Design Systems in the 1st quarter valued at about $439,988,000. Principal Financial Group Inc. boosted its holdings in Cadence Design Systems by 280.1% during the 2nd quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock valued at $467,676,000 after acquiring an additional 1,119,824 shares during the period. BNP Paribas Financial Markets grew its position in Cadence Design Systems by 58.1% during the 1st quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after acquiring an additional 468,195 shares during the last quarter. Finally, Jennison Associates LLC increased its stake in Cadence Design Systems by 6.9% in the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock worth $2,205,582,000 after purchasing an additional 459,603 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cadence Design Systems

In related news, CFO John M. Wall sold 10,000 shares of the stock in a transaction dated 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 completion of the transaction, the chief financial officer now directly owns 38,654 shares in the company, valued at approximately $10,278,485.14. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CFO John M. Wall sold 10,000 shares of the company’s stock in a transaction that occurred 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 owns 38,654 shares in the company, valued at approximately $10,278,485.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $266.24, for a total value of $173,056.00. Following the transaction, the vice president now owns 65,194 shares of the company’s stock, valued at approximately $17,357,250.56. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 36,113 shares of company stock valued at $10,237,521. 1.99% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a report on Tuesday, August 6th. Robert W. Baird cut their price target on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. Bank of America boosted their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. KeyCorp increased their target price on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Finally, Rosenblatt Securities restated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, August 6th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $334.56.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $269.90 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32. Cadence Design Systems, Inc. has a 1 year low of $227.05 and a 1 year high of $328.99. The company’s 50-day moving average is $274.81 and its 200 day moving average is $291.88. The stock has a market capitalization of $73.53 billion, a P/E ratio of 70.29, a P/E/G ratio of 2.98 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same quarter in the prior year, the company earned $0.94 EPS. The business’s revenue was up 8.6% compared to the same quarter last year. On average, sell-side analysts expect that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

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.