Northern Trust Corp Purchases 421,507 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Northern Trust Corp boosted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 16.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,032,957 shares of the software maker’s stock after acquiring an additional 421,507 shares during the period. Northern Trust Corp’s holdings in Cadence Design Systems were worth $911,282,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its stake in Cadence Design Systems by 10.7% during the 4th quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker’s stock worth $672,300,000 after acquiring an additional 216,075 shares during the period. Pittenger & Anderson Inc. raised its stake in Cadence Design Systems by 50.1% during the 4th quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker’s stock worth $1,589,000 after acquiring an additional 1,766 shares during the period. Meridiem Investment Management Ltd. raised its stake in Cadence Design Systems by 64.3% during the 4th quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker’s stock worth $235,625,000 after acquiring an additional 306,887 shares during the period. Nisa Investment Advisors LLC raised its stake in Cadence Design Systems by 132.1% during the 4th quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock worth $41,850,000 after acquiring an additional 79,268 shares during the period. Finally, Avanza Fonder AB bought a new stake in Cadence Design Systems during the 4th quarter worth approximately $6,046,000. Institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on CDNS. Rosenblatt Securities boosted their target price on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Mizuho decreased their price target on shares of Cadence Design Systems from $350.00 to $300.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 15th. StockNews.com cut shares of 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 stock an “overweight” rating in a research note on Wednesday, February 19th. Finally, Loop Capital decreased their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. 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. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $321.00.

Insider Activity

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $292.32, for a total value of $190,008.00. Following the completion of the sale, the vice president now owns 58,773 shares of the company’s stock, valued at $17,180,523.36. This trade represents a 1.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ita M. Brennan sold 180 shares of the firm’s stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $275.00, for a total transaction of $49,500.00. Following the completion of the sale, the director now directly owns 7,411 shares of the company’s stock, valued at approximately $2,038,025. The trade was a 2.37 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,130 shares of company stock worth $567,999. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Stock Down 1.3 %

Shares of NASDAQ CDNS opened at $285.74 on Tuesday. The firm’s 50-day moving average price is $254.77 and its 200-day moving average price is $282.17. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $78.38 billion, a price-to-earnings ratio of 74.03, a P/E/G ratio of 3.88 and a beta of 1.14. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.49 by $0.08. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. During the same period in the prior year, the company earned $1.17 EPS. On average, equities research analysts anticipate 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.