Decatur Capital Management Inc. Increases Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Decatur Capital Management Inc. raised its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.9% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 12,857 shares of the software maker’s stock after purchasing an additional 361 shares during the quarter. Cadence Design Systems accounts for about 1.9% of Decatur Capital Management Inc.’s investment portfolio, making the stock its 13th biggest holding. Decatur Capital Management Inc.’s holdings in Cadence Design Systems were worth $3,957,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of CDNS. Vanguard Group Inc. raised its holdings in Cadence Design Systems by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock worth $7,763,496,000 after acquiring an additional 437,101 shares during the last quarter. Jennison Associates LLC increased its holdings in shares of 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 in the last quarter. Van ECK Associates Corp raised its stake in shares of Cadence Design Systems by 10.5% in the second quarter. Van ECK Associates Corp now owns 2,195,714 shares of the software maker’s stock worth $675,731,000 after purchasing an additional 209,301 shares during the last quarter. Nordea Investment Management AB lifted its holdings in shares of Cadence Design Systems by 7.7% during the first quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock valued at $636,172,000 after purchasing an additional 145,351 shares in the last quarter. Finally, Swedbank AB increased its holdings in Cadence Design Systems by 7.8% in the 2nd quarter. Swedbank AB now owns 1,523,142 shares of the software maker’s stock worth $468,747,000 after buying an additional 109,662 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CDNS has been the topic of several research analyst reports. Oppenheimer initiated coverage on shares of Cadence Design Systems in a research note on Wednesday. They set an “underperform” rating and a $225.00 target price on the stock. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Robert W. Baird decreased their target price on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. Needham & Company LLC restated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Finally, Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a report on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $323.60.

Insiders Place Their Bets

In other news, SVP Karna Nisewaner sold 659 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total transaction of $181,870.82. Following the sale, the senior vice president now directly owns 16,029 shares in the company, valued at approximately $4,423,683.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Karna Nisewaner sold 659 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $181,870.82. Following the completion of the sale, the senior vice president now owns 16,029 shares in the company, valued at $4,423,683.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $305.84, for a total value of $3,058,400.00. Following the sale, the vice president now directly owns 95,408 shares in the company, valued at approximately $29,179,582.72. The disclosure for this sale can be found here. Insiders sold a total of 38,272 shares of company stock worth $10,833,362 over the last three months. 1.99% of the stock is currently owned by company insiders.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $271.80 on Thursday. The stock’s fifty day moving average is $267.95 and its 200 day moving average is $289.65. Cadence Design Systems, Inc. has a one year low of $227.05 and a one year high of $328.99. 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 market cap of $74.04 billion, a P/E ratio of 70.78, a P/E/G ratio of 3.30 and a beta of 1.02.

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

Cadence Design Systems Company 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.