AMF Tjanstepension AB Sells 28,558 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

AMF Tjanstepension AB cut its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 33.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 55,846 shares of the software maker’s stock after selling 28,558 shares during the period. AMF Tjanstepension AB’s holdings in Cadence Design Systems were worth $17,384,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Pinebridge Investments L.P. increased its stake in Cadence Design Systems by 37.5% in the 4th quarter. Pinebridge Investments L.P. now owns 19,307 shares of the software maker’s stock worth $5,258,000 after buying an additional 5,269 shares during the period. Nomura Asset Management Co. Ltd. raised its stake in shares of Cadence Design Systems by 3.6% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 111,740 shares of the software maker’s stock valued at $30,435,000 after acquiring an additional 3,899 shares in the last quarter. USA Financial Formulas boosted its holdings in shares of Cadence Design Systems by 380.7% in the fourth quarter. USA Financial Formulas now owns 8,922 shares of the software maker’s stock valued at $2,430,000 after purchasing an additional 7,066 shares during the period. Miracle Mile Advisors LLC bought a new position in Cadence Design Systems in the fourth quarter worth approximately $934,000. Finally, Dai ichi Life Insurance Company Ltd raised its position in Cadence Design Systems by 10.8% during the 4th quarter. Dai ichi Life Insurance Company Ltd now owns 65,971 shares of the software maker’s stock valued at $17,969,000 after purchasing an additional 6,422 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Trading Down 0.1 %

Cadence Design Systems stock opened at $307.75 on Friday. The firm has a market cap of $83.84 billion, a PE ratio of 80.14, a P/E/G ratio of 3.77 and a beta of 1.04. Cadence Design Systems, Inc. has a 12 month low of $217.77 and a 12 month high of $328.99. The stock’s 50 day simple moving average is $294.50 and its two-hundred day simple moving average is $293.70. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.04. The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.02 EPS. Analysts anticipate that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current year.

Insider Activity at Cadence Design Systems

In other news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $310.46, for a total value of $186,276.00. Following the transaction, the senior vice president now owns 21,080 shares of the company’s stock, valued at approximately $6,544,496.80. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $310.46, for a total value of $186,276.00. Following the transaction, the senior vice president now directly owns 21,080 shares in the company, valued at approximately $6,544,496.80. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $308.83, for a total transaction of $463,245.00. Following the completion of the sale, the director now owns 50,183 shares of the company’s stock, valued at approximately $15,498,015.89. The disclosure for this sale can be found here. Over the last quarter, insiders sold 41,134 shares of company stock valued at $12,232,169. 1.99% of the stock is owned by company insiders.

Analyst Ratings Changes

CDNS has been the topic of a number of recent research reports. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Piper Sandler reduced their price target on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research report on Tuesday, April 23rd. KeyCorp raised their price objective on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday. Bank of America boosted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Finally, Robert W. Baird raised their price target on shares of Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a report on Thursday, April 18th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $332.78.

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.