Novem Group Takes $938,000 Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Novem Group acquired a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 4th quarter, Holdings Channel reports. The institutional investor acquired 3,122 shares of the software maker’s stock, valued at approximately $938,000.

A number of other institutional investors have also recently bought and sold shares of the business. Mpwm Advisory Solutions LLC acquired a new stake in shares of Cadence Design Systems in the fourth quarter valued at approximately $109,000. Principal Street Partners LLC increased its stake in Cadence Design Systems by 2.6% during the 4th quarter. Principal Street Partners LLC now owns 1,455 shares of the software maker’s stock worth $437,000 after acquiring an additional 37 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Cadence Design Systems by 10.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,416,269 shares of the software maker’s stock valued at $1,326,912,000 after acquiring an additional 427,418 shares in the last quarter. Sone Capital Management LLC bought a new stake in shares of Cadence Design Systems during the 4th quarter valued at $4,270,000. Finally, Vident Advisory LLC grew its holdings in shares of Cadence Design Systems by 52.1% during the 4th quarter. Vident Advisory LLC now owns 32,709 shares of the software maker’s stock worth $9,828,000 after purchasing an additional 11,209 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

CDNS has been the subject of a number of analyst reports. JPMorgan Chase & Co. raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $300.00 to $325.00 in a research note on Thursday, April 24th. KeyCorp boosted their target price on shares of Cadence Design Systems from $355.00 to $375.00 and gave the company an “overweight” rating in a research report on Thursday, May 15th. Oppenheimer reduced their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research report on Wednesday, March 19th. Robert W. Baird boosted their price objective on shares of Cadence Design Systems from $293.00 to $325.00 and gave the company an “outperform” rating in a research report on Tuesday, April 29th. Finally, Bank of America upped their target price 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. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus target price of $325.23.

Cadence Design Systems Stock Down 0.9%

Shares of CDNS opened at $317.55 on Thursday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99. The stock has a market capitalization of $86.70 billion, a price-to-earnings ratio of 82.27, a PEG ratio of 3.88 and a beta of 1.04. The stock has a fifty day moving average of $276.76 and a 200-day moving average of $287.31.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.07. The business had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business’s revenue for the quarter was up 23.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.17 EPS. As a group, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 10,737 shares of the company’s stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $310.00, for a total value of $3,328,470.00. Following the completion of 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director James D. Plummer sold 868 shares of Cadence Design Systems stock in a transaction on Friday, May 16th. The stock was sold at an average price of $319.95, for a total transaction of $277,716.60. Following the transaction, the director now owns 23,996 shares in the company, valued at approximately $7,677,520.20. This trade represents a 3.49% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,445 shares of company stock worth $5,594,127 in the last quarter. 1.99% of the stock is owned by insiders.

Cadence Design Systems 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.