Cadence Design Systems, Inc. (NASDAQ:CDNS) Position Raised by Franklin Resources Inc.

Franklin Resources Inc. boosted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.2% in the fourth quarter, HoldingsChannel.com reports. The firm owned 4,821,666 shares of the software maker’s stock after purchasing an additional 238,535 shares during the quarter. Franklin Resources Inc.’s holdings in Cadence Design Systems were worth $1,448,718,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its position in Cadence Design Systems by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker’s stock worth $7,784,674,000 after buying an additional 201,340 shares during the last quarter. State Street Corp boosted its stake in shares of Cadence Design Systems by 0.5% during the 3rd quarter. State Street Corp now owns 11,922,747 shares of the software maker’s stock worth $3,231,422,000 after acquiring an additional 60,490 shares in the last quarter. Jennison Associates LLC grew its holdings in shares of Cadence Design Systems by 5.3% in the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock worth $2,406,760,000 after acquiring an additional 404,076 shares during the last quarter. Alliancebernstein L.P. raised its position in shares of Cadence Design Systems by 12.5% during the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker’s stock worth $1,705,469,000 after purchasing an additional 632,175 shares during the period. Finally, Norges Bank purchased a new stake in shares of Cadence Design Systems during the fourth quarter valued at $1,170,209,000. Institutional investors own 84.85% of the company’s stock.

Insider Activity

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at $17,320,940. This represents a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the transaction, the vice president now owns 58,123 shares in the company, valued at $14,689,425.79. The trade was a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 101,021 shares of company stock valued at $31,229,155 over the last 90 days. 1.99% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages recently weighed in on CDNS. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Piper Sandler boosted their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Redburn Atlantic started coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective for the company. Mizuho increased their target price on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Finally, Loop Capital lowered their price target on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average target price of $324.83.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $256.69 on Monday. The firm has a market cap of $70.36 billion, a price-to-earnings ratio of 66.50, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. The company’s fifty day moving average is $274.55 and its 200-day moving average is $284.52. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 12 month low of $230.09 and a 12 month high of $328.99.

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