Cadence Design Systems, Inc. (NASDAQ:CDNS) Stake Raised by Royal London Asset Management Ltd.

Royal London Asset Management Ltd. increased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 155,873 shares of the software maker’s stock after acquiring an additional 7,766 shares during the period. Royal London Asset Management Ltd.’s holdings in Cadence Design Systems were worth $46,834,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Golden State Wealth Management LLC purchased a new stake in shares of Cadence Design Systems during the 4th quarter worth about $28,000. Avalon Trust Co purchased a new stake in shares of Cadence Design Systems during the 4th quarter worth about $39,000. Versant Capital Management Inc raised its stake in shares of Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after purchasing an additional 87 shares in the last quarter. Prestige Wealth Management Group LLC raised its stake in shares of Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after purchasing an additional 60 shares in the last quarter. Finally, OFI Invest Asset Management purchased a new stake in shares of Cadence Design Systems during the 4th quarter worth about $46,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Performance

CDNS opened at $258.50 on Friday. The firm has a market capitalization of $70.86 billion, a P/E ratio of 66.97, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. The stock’s 50 day moving average price is $278.74 and its two-hundred day moving average price is $283.83. 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 released its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. On average, equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on CDNS shares. Wells Fargo & Company started coverage on Cadence Design Systems in a research note on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target for the company. Bank of America lowered their price objective on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Oppenheimer lowered their price objective on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a report on Wednesday. Piper Sandler increased their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Finally, Loop Capital lowered their price objective 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 assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and a consensus target price of $324.83.

Insider Transactions at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 5,920 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the completion of the transaction, the chief executive officer now owns 55,874 shares in the company, valued at $16,987,930.96. This trade represents a 9.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total value of $198,146.00. Following the transaction, the vice president now owns 59,311 shares of the company’s stock, valued at $18,080,365.24. This trade represents a 1.08 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 101,021 shares of company stock valued at $31,229,155. 1.99% of the stock is owned by corporate insiders.

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.