Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by World Investment Advisors

World Investment Advisors increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 100.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,960 shares of the software maker’s stock after purchasing an additional 7,503 shares during the quarter. World Investment Advisors’ holdings in Cadence Design Systems were worth $4,495,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of CDNS. Westpac Banking Corp increased its stake in shares of Cadence Design Systems by 279.0% during the fourth quarter. Westpac Banking Corp now owns 11,811 shares of the software maker’s stock worth $3,549,000 after buying an additional 8,695 shares during the period. Nicolet Advisory Services LLC increased its position in shares of Cadence Design Systems by 21.9% in the 4th quarter. Nicolet Advisory Services LLC now owns 1,777 shares of the software maker’s stock valued at $531,000 after purchasing an additional 319 shares during the last quarter. Huntington National Bank raised its holdings in shares of Cadence Design Systems by 15.1% in the 4th quarter. Huntington National Bank now owns 2,132 shares of the software maker’s stock valued at $641,000 after purchasing an additional 279 shares in the last quarter. Meeder Advisory Services Inc. raised its holdings in shares of Cadence Design Systems by 0.6% in the 4th quarter. Meeder Advisory Services Inc. now owns 7,290 shares of the software maker’s stock valued at $2,190,000 after purchasing an additional 46 shares in the last quarter. Finally, Wisconsin Capital Management LLC lifted its position in shares of Cadence Design Systems by 2.8% during the 4th quarter. Wisconsin Capital Management LLC now owns 1,798 shares of the software maker’s stock worth $540,000 after purchasing an additional 49 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Robert W. Baird cut their price target on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research note on Thursday, February 20th. Bank of America cut their target price on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. Loop Capital dropped their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Oppenheimer reduced their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research report on Wednesday, March 19th. Finally, Piper Sandler increased their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $324.83.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total value of $164,216.00. Following the completion of the sale, the vice president now owns 108,799 shares in the company, valued at $27,486,979.36. This trade represents a 0.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the transaction, the chief executive officer now owns 55,874 shares in the company, valued at $17,320,940. The trade was a 62.51 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 95,101 shares of company stock worth $29,395,309. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $248.91 on Friday. The business’s 50-day moving average price is $269.83 and its 200 day moving average price is $283.96. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The firm has a market cap of $68.28 billion, a P/E ratio of 64.48, a P/E/G ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 52-week low of $230.09 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. On average, equities research analysts expect that Cadence Design Systems, Inc. will post 5.41 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.