Handelsbanken Fonder AB Has $21.93 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Handelsbanken Fonder AB boosted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 28.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 80,502 shares of the software maker’s stock after buying an additional 17,797 shares during the period. Handelsbanken Fonder AB’s holdings in Cadence Design Systems were worth $21,926,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Highview Capital Management LLC DE lifted its holdings in Cadence Design Systems by 0.8% in the fourth quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock valued at $1,411,000 after buying an additional 39 shares during the period. BSW Wealth Partners lifted its holdings in Cadence Design Systems by 2.8% in the fourth quarter. BSW Wealth Partners now owns 1,624 shares of the software maker’s stock valued at $442,000 after buying an additional 44 shares during the period. Lindbrook Capital LLC lifted its holdings in Cadence Design Systems by 2.5% in the third quarter. Lindbrook Capital LLC now owns 1,844 shares of the software maker’s stock valued at $432,000 after buying an additional 45 shares during the period. Savant Capital LLC raised its holdings in shares of Cadence Design Systems by 2.7% during the third quarter. Savant Capital LLC now owns 1,733 shares of the software maker’s stock valued at $406,000 after purchasing an additional 45 shares during the period. Finally, First Trust Direct Indexing L.P. raised its holdings in shares of Cadence Design Systems by 1.0% during the third quarter. First Trust Direct Indexing L.P. now owns 4,658 shares of the software maker’s stock valued at $1,091,000 after purchasing an additional 47 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on CDNS. Wells Fargo & Company upped their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a report on Friday. Piper Sandler began coverage on shares of Cadence Design Systems in a report on Thursday, April 4th. They set a “neutral” rating and a $334.00 price objective on the stock. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a report on Monday. Finally, Robert W. Baird boosted their target price on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $318.10.

Cadence Design Systems Trading Up 1.7 %

Shares of CDNS stock opened at $285.02 on Tuesday. Cadence Design Systems, Inc. has a 52-week low of $194.01 and a 52-week high of $327.36. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24. The company has a 50-day simple moving average of $305.09 and a two-hundred day simple moving average of $280.73. The company has a market capitalization of $77.59 billion, a price-to-earnings ratio of 74.61, a PEG ratio of 3.41 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same period in the prior year, the firm posted $1.02 EPS. The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. Research analysts anticipate that Cadence Design Systems, Inc. will post 4.81 EPS for the current fiscal year.

Insider Activity

In other news, Director James D. Plummer sold 2,412 shares of the stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $315.40, for a total transaction of $760,744.80. Following the completion of the transaction, the director now directly owns 22,923 shares of the company’s stock, valued at approximately $7,229,914.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, VP Thomas P. Beckley sold 65,268 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the sale, the vice president now directly owns 156,156 shares in the company, valued at approximately $46,375,208.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director James D. Plummer sold 2,412 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $315.40, for a total transaction of $760,744.80. Following the sale, the director now owns 22,923 shares in the company, valued at $7,229,914.20. The disclosure for this sale can be found here. Insiders sold 177,544 shares of company stock valued at $53,581,207 in the last three months. Company insiders own 0.62% of the company’s stock.

About Cadence Design Systems

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.