Cadence Design Systems, Inc. $CDNS Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. raised its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,301,781 shares of the software maker’s stock after acquiring an additional 110,794 shares during the quarter. Principal Financial Group Inc. owned approximately 0.85% of Cadence Design Systems worth $808,530,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new stake in Cadence Design Systems during the second quarter valued at $1,190,618,000. Massachusetts Financial Services Co. MA raised its position in shares of Cadence Design Systems by 16.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 5,314,407 shares of the software maker’s stock worth $1,866,739,000 after acquiring an additional 731,788 shares during the period. Voya Investment Management LLC boosted its stake in shares of Cadence Design Systems by 914.2% during the 3rd quarter. Voya Investment Management LLC now owns 691,071 shares of the software maker’s stock worth $242,746,000 after acquiring an additional 622,934 shares in the last quarter. Scge Management L.P. acquired a new stake in shares of Cadence Design Systems during the 2nd quarter valued at about $187,663,000. Finally, Bain Capital Public Equity Management II LLC purchased a new position in shares of Cadence Design Systems in the 2nd quarter valued at about $130,534,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $340.00, for a total value of $6,800,000.00. Following the transaction, the chief executive officer directly owned 195,844 shares of the company’s stock, valued at $66,586,960. This trade represents a 9.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Paul Scannell sold 5,490 shares of the company’s stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $339.43, for a total value of $1,863,470.70. Following the completion of the sale, the vice president owned 20,321 shares of the company’s stock, valued at $6,897,557.03. This trade represents a 21.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 62,025 shares of company stock valued at $20,369,946. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Down 2.1%

Shares of CDNS stock opened at $296.36 on Friday. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $376.45. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.84 and a current ratio of 3.05. The stock’s fifty day moving average is $317.89 and its two-hundred day moving average is $333.02. The firm has a market capitalization of $80.67 billion, a P/E ratio of 76.38, a PEG ratio of 3.38 and a beta of 1.02.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on CDNS shares. Wolfe Research reiterated an “outperform” rating and set a $385.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 28th. Wells Fargo & Company upped their target price on Cadence Design Systems from $405.00 to $410.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 28th. Robert W. Baird lifted their price target on shares of Cadence Design Systems from $390.00 to $418.00 and gave the company an “outperform” rating in a research note on Tuesday, October 28th. Rosenblatt Securities upped their price objective on shares of Cadence Design Systems from $320.00 to $335.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 28th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Cadence Design Systems in a report on Monday, December 29th. Thirteen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $379.59.

About Cadence Design Systems

Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.