APG Asset Management US Inc. Acquires 1,806 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

APG Asset Management US Inc. increased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.2% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 84,992 shares of the software maker’s stock after purchasing an additional 1,806 shares during the period. APG Asset Management US Inc.’s holdings in Cadence Design Systems were worth $26,426,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Swedbank AB bought a new position in shares of Cadence Design Systems in the 1st quarter worth $439,988,000. Principal Financial Group Inc. raised its holdings in Cadence Design Systems by 280.1% in the second quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock worth $467,676,000 after purchasing an additional 1,119,824 shares in the last quarter. BNP Paribas Financial Markets lifted its position in shares of 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 during the last quarter. Jennison Associates LLC boosted its holdings in shares of Cadence Design Systems by 6.9% in the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after buying an additional 459,603 shares in the last quarter. Finally, 1832 Asset Management L.P. grew its position in shares of Cadence Design Systems by 111.5% in the 1st quarter. 1832 Asset Management L.P. now owns 856,410 shares of the software maker’s stock worth $266,583,000 after buying an additional 451,530 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $271.80 on Thursday. The stock has a market capitalization of $74.04 billion, a P/E ratio of 70.78, a PEG ratio of 3.30 and a beta of 1.02. The business has a 50 day simple moving average of $267.95 and a two-hundred day simple moving average of $289.65. Cadence Design Systems, Inc. has a 12 month low of $227.05 and a 12 month 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.

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

Wall Street Analyst Weigh In

CDNS has been the subject of several recent analyst reports. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a research note on Tuesday, August 6th. Rosenblatt Securities restated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, August 6th. KeyCorp raised their price target on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Oppenheimer began coverage on shares of Cadence Design Systems in a report on Wednesday. They set an “underperform” rating and a $225.00 price objective on the stock. Finally, 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 research report on Thursday, May 30th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average price target of $323.60.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $305.84, for a total value of $3,058,400.00. Following the completion of the sale, the vice president now directly owns 95,408 shares in the company, valued at approximately $29,179,582.72. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Monday, July 15th. The stock was sold at an average price of $314.57, for a total value of $471,855.00. Following the sale, the director now owns 46,551 shares in the company, valued at $14,643,548.07. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 value of $3,058,400.00. Following the transaction, the vice president now owns 95,408 shares of the company’s stock, valued at $29,179,582.72. The disclosure for this sale can be found here. In the last quarter, insiders sold 38,272 shares of company stock worth $10,833,362. Insiders own 1.99% of the company’s stock.

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.