Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by Franklin Resources Inc.

Franklin Resources Inc. lifted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.2% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,821,666 shares of the software maker’s stock after purchasing an additional 238,535 shares during the quarter. Franklin Resources Inc. owned about 1.76% of Cadence Design Systems worth $1,448,718,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Golden State Wealth Management LLC purchased a new position in Cadence Design Systems during the fourth quarter worth approximately $28,000. Avalon Trust Co purchased a new position in shares of Cadence Design Systems in the 4th quarter worth $39,000. Versant Capital Management Inc boosted its holdings in Cadence Design Systems by 164.2% in the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after acquiring an additional 87 shares during the last quarter. Prestige Wealth Management Group LLC grew its position in Cadence Design Systems by 56.6% during the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after acquiring an additional 60 shares during the period. Finally, OFI Invest Asset Management acquired a new stake in Cadence Design Systems during the fourth quarter worth about $46,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

Shares of CDNS stock opened at $256.69 on Monday. The firm has a market cap of $70.36 billion, a P/E ratio of 66.50, a P/E/G ratio of 3.88 and a beta of 1.05. The firm has a fifty day moving average of $274.55 and a two-hundred day moving average of $284.52. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 1-year low of $230.09 and a 1-year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $1.35 billion. As a group, research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the sale, the vice president now owns 58,123 shares of the company’s stock, valued at approximately $14,689,425.79. This trade represents a 1.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the sale, the chief executive officer now owns 55,874 shares in the company, valued at $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 101,021 shares of company stock worth $31,229,155 over the last 90 days. Insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Rosenblatt Securities boosted their target price on Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Piper Sandler lifted their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Oppenheimer cut their target price on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research note on Wednesday, March 19th. Robert W. Baird decreased their price target on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research report on Thursday, February 20th. Finally, Bank of America cut their price objective 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. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued 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 $324.83.

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.