Handelsbanken Fonder AB Boosts Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Handelsbanken Fonder AB lifted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 89,400 shares of the software maker’s stock after purchasing an additional 915 shares during the quarter. Handelsbanken Fonder AB’s holdings in Cadence Design Systems were worth $24,230,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of CDNS. Empowered Funds LLC lifted its stake in Cadence Design Systems by 223.8% during the 1st quarter. Empowered Funds LLC now owns 9,181 shares of the software maker’s stock valued at $2,858,000 after acquiring an additional 6,346 shares during the period. Norden Group LLC boosted its holdings in Cadence Design Systems by 1,659.3% in the first quarter. Norden Group LLC now owns 13,300 shares of the software maker’s stock valued at $4,140,000 after purchasing an additional 12,544 shares during the last quarter. BNP Paribas Financial Markets grew its position in Cadence Design Systems by 58.1% during the 1st quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after purchasing an additional 468,195 shares during the period. Park National Corp OH raised its stake in shares of Cadence Design Systems by 19.8% during the 2nd quarter. Park National Corp OH now owns 136,251 shares of the software maker’s stock valued at $41,931,000 after buying an additional 22,537 shares during the last quarter. Finally, Teamwork Financial Advisors LLC lifted its holdings in shares of Cadence Design Systems by 40.0% in the 1st quarter. Teamwork Financial Advisors LLC now owns 35,151 shares of the software maker’s stock valued at $10,942,000 after buying an additional 10,037 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Chin-Chi Teng sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the transaction, the vice president now directly owns 95,408 shares in the company, valued at $26,366,954.88. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $276.36, for a total value of $2,763,600.00. Following the completion of the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at $26,366,954.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $314.57, for a total transaction of $471,855.00. Following the transaction, the director now directly owns 46,551 shares in the company, valued at approximately $14,643,548.07. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,322 shares of company stock worth $7,768,048. Insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Oppenheimer began coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target for the company. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Robert W. Baird decreased their price objective on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd. Finally, Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a research report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $323.60.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock traded up $2.86 during mid-day trading on Friday, reaching $268.65. 1,095,892 shares of the stock traded hands, compared to its average volume of 1,711,604. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. The business has a 50-day moving average of $267.08 and a 200 day moving average of $287.73. The stock has a market capitalization of $73.19 billion, a PE ratio of 69.96, a PEG ratio of 3.30 and a beta of 1.02. Cadence Design Systems, Inc. has a fifty-two week low of $228.66 and a fifty-two week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same quarter last year, the firm posted $0.94 EPS. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. On average, analysts predict 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.