Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by Royal London Asset Management Ltd.

Royal London Asset Management Ltd. lifted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 155,873 shares of the software maker’s stock after acquiring an additional 7,766 shares during the period. Royal London Asset Management Ltd. owned about 0.06% of Cadence Design Systems worth $46,834,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in CDNS. Raymond James Financial Inc. acquired a new stake in shares of Cadence Design Systems during the 4th quarter valued at approximately $171,991,000. Principal Financial Group Inc. raised its position in shares of Cadence Design Systems by 33.0% during the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after acquiring an additional 501,833 shares in the last quarter. Manning & Napier Advisors LLC acquired a new stake in shares of Cadence Design Systems during the 4th quarter valued at approximately $148,594,000. Proficio Capital Partners LLC acquired a new stake in shares of Cadence Design Systems during the 4th quarter valued at approximately $129,546,000. Finally, Jensen Investment Management Inc. acquired a new stake in shares of Cadence Design Systems during the 4th quarter valued at approximately $126,571,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at $17,320,940. This represents a 62.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the sale, the vice president now directly owns 58,123 shares of the company’s stock, valued at approximately $14,689,425.79. This represents a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 101,021 shares of company stock valued at $31,229,155 over the last 90 days. 1.99% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CDNS. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Redburn Atlantic began coverage on Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 target price on the stock. Oppenheimer dropped their target price on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research report on Wednesday. Piper Sandler increased their target price on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. Finally, Loop Capital dropped their target price on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and an average price target of $324.83.

Cadence Design Systems Trading Down 0.1 %

Shares of CDNS stock opened at $258.50 on Friday. The stock has a 50-day simple moving average of $278.74 and a 200 day simple moving average of $283.83. Cadence Design Systems, Inc. has a fifty-two week low of $230.09 and a fifty-two week high of $328.99. The stock has a market capitalization of $70.86 billion, a P/E ratio of 66.97, a P/E/G ratio of 3.88 and a beta of 1.05. 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 announced its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. On average, sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal 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.