Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by ProShare Advisors LLC

ProShare Advisors LLC grew its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 17.4% during the 4th quarter, HoldingsChannel.com reports. The firm owned 368,065 shares of the software maker’s stock after buying an additional 54,453 shares during the period. ProShare Advisors LLC’s holdings in Cadence Design Systems were worth $110,589,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CDNS. Norges Bank acquired a new position in Cadence Design Systems during the 4th quarter worth approximately $1,170,209,000. Schroder Investment Management Group increased its position in Cadence Design Systems by 53.1% during the 4th quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker’s stock worth $623,105,000 after purchasing an additional 716,041 shares during the period. FMR LLC increased its position in Cadence Design Systems by 8.7% during the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock worth $2,397,266,000 after purchasing an additional 639,146 shares during the period. Alliancebernstein L.P. increased its position in Cadence Design Systems by 12.5% during the 4th 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, Price T Rowe Associates Inc. MD increased its position in Cadence Design Systems by 25.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,937,675 shares of the software maker’s stock worth $882,655,000 after purchasing an additional 601,834 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total transaction of $164,274.50. Following the transaction, the vice president now owns 58,123 shares of the company’s stock, valued at $14,689,425.79. This represents a 1.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Anirudh Devgan sold 10,737 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $310.00, for a total value of $3,328,470.00. Following the transaction, the chief executive officer now directly owns 209,548 shares in the company, valued at approximately $64,959,880. This represents a 4.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 17,577 shares of company stock valued at $5,316,411 in the last quarter. 1.99% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CDNS. KeyCorp boosted their price target on Cadence Design Systems from $355.00 to $375.00 and gave the stock an “overweight” rating in a research note on Thursday. Bank of America boosted their price target on Cadence Design Systems from $320.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, April 29th. Piper Sandler boosted their price target on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Oppenheimer decreased their price target on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research note on Wednesday, March 19th. Finally, JPMorgan Chase & Co. raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $300.00 to $325.00 in a research note on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average price target of $324.08.

Cadence Design Systems Price Performance

CDNS stock opened at $318.77 on Friday. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $328.99. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The stock’s 50 day moving average price is $270.41 and its 200 day moving average price is $286.29. The firm has a market cap of $87.04 billion, a P/E ratio of 82.58, a PEG ratio of 3.88 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the prior year, the company earned $1.17 EPS. Cadence Design Systems’s revenue was up 23.1% on a year-over-year basis. On average, sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share 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.