Blue Whale Capital LLP Takes $31.90 Million Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Blue Whale Capital LLP purchased a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 103,670 shares of the software maker’s stock, valued at approximately $31,904,000. Cadence Design Systems makes up 2.8% of Blue Whale Capital LLP’s portfolio, making the stock its 15th biggest holding.

Other large investors also recently made changes to their positions in the company. Swedbank AB acquired a new stake in shares of Cadence Design Systems during the 1st quarter valued at $439,988,000. Principal Financial Group Inc. raised its holdings in Cadence Design Systems by 280.1% during the 2nd quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock worth $467,676,000 after buying an additional 1,119,824 shares during the period. BNP Paribas Financial Markets lifted its stake in Cadence Design Systems by 58.1% during the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock valued at $396,470,000 after buying an additional 468,195 shares in the last quarter. Jennison Associates LLC boosted its holdings in shares of Cadence Design Systems by 6.9% in the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock worth $2,205,582,000 after buying an additional 459,603 shares during the period. Finally, 1832 Asset Management L.P. increased its position in shares of Cadence Design Systems by 111.5% in the first quarter. 1832 Asset Management L.P. now owns 856,410 shares of the software maker’s stock worth $266,583,000 after acquiring an additional 451,530 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

CDNS has been the subject of several research analyst reports. KeyCorp upped their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, August 6th. Bank of America increased their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a research note on Tuesday, August 6th. Finally, Needham & Company LLC reissued a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $334.56.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the completion of the transaction, the vice president now directly owns 95,408 shares in the company, valued at $29,179,582.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $266.24, for a total transaction of $173,056.00. Following the completion of the transaction, the vice president now directly owns 65,194 shares of the company’s stock, valued at approximately $17,357,250.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the sale, the vice president now directly owns 95,408 shares in the company, valued at $29,179,582.72. The disclosure for this sale can be found here. Insiders have sold a total of 38,272 shares of company stock valued at $10,833,362 in the last 90 days. 1.99% of the stock is owned by corporate insiders.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $273.76 on Friday. The company’s fifty day moving average is $269.55 and its two-hundred day moving average is $290.48. Cadence Design Systems, Inc. has a 52-week low of $227.05 and a 52-week high of $328.99. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32. The firm has a market capitalization of $74.58 billion, a price-to-earnings ratio of 71.29, a P/E/G ratio of 3.19 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The business’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.94 earnings per share. Equities research analysts forecast that Cadence Design Systems, Inc. will post 4.73 EPS for the current year.

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.