Swiss National Bank Has $232.44 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Swiss National Bank reduced its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.2% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 773,600 shares of the software maker’s stock after selling 34,100 shares during the quarter. Swiss National Bank’s holdings in Cadence Design Systems were worth $232,436,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of CDNS. Raymond James Financial Inc. bought a new position in Cadence Design Systems during the fourth quarter valued at about $171,991,000. Principal Financial Group Inc. raised its holdings in Cadence Design Systems by 33.0% during the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after buying an additional 501,833 shares in the last quarter. Manning & Napier Advisors LLC bought a new position in Cadence Design Systems during the fourth quarter valued at about $148,594,000. Proficio Capital Partners LLC bought a new position in Cadence Design Systems during the fourth quarter valued at about $129,546,000. Finally, Jennison Associates LLC raised its holdings in Cadence Design Systems by 5.3% during the fourth quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock valued at $2,406,760,000 after buying an additional 404,076 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Stock Up 2.1 %

CDNS stock opened at $239.22 on Thursday. Cadence Design Systems, Inc. has a twelve month low of $230.09 and a twelve month high of $328.99. The company has a market cap of $65.57 billion, a PE ratio of 61.97, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. The business’s 50-day simple moving average is $284.77 and its 200 day simple moving average is $284.56. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. On average, research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CDNS. Redburn Atlantic began coverage on Cadence Design Systems in a report on Monday, January 13th. They set a “buy” rating and a $350.00 target price on the stock. Bank of America lowered their price target on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. Mizuho raised their price target on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Needham & Company LLC reaffirmed a “buy” rating and issued a $325.00 price target on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Finally, Wells Fargo & Company assumed coverage on Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $326.92.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Scannell sold 3,171 shares of Cadence Design Systems stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $305.78, for a total value of $969,628.38. Following the sale, the vice president now directly owns 14,318 shares in the company, valued at $4,378,158.04. The trade was a 18.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 108,416 shares of company stock valued at $33,504,126. 0.62% of the stock is currently owned by corporate insiders.

Cadence Design Systems Company 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.