Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by New York Life Investment Management LLC

New York Life Investment Management LLC lifted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,290 shares of the software maker’s stock after buying an additional 657 shares during the period. New York Life Investment Management LLC’s holdings in Cadence Design Systems were worth $12,406,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Van ECK Associates Corp grew its position in Cadence Design Systems by 26.1% in the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock valued at $689,472,000 after acquiring an additional 572,251 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of 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 worth $547,886,000 after purchasing an additional 501,833 shares in the last quarter. Manning & Napier Advisors LLC purchased a new position in shares of Cadence Design Systems in the fourth quarter valued at $148,594,000. Jennison Associates LLC grew its holdings in Cadence Design Systems by 5.3% during the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock valued at $2,406,760,000 after purchasing an additional 404,076 shares in the last quarter. Finally, AustralianSuper Pty Ltd increased its stake in Cadence Design Systems by 2,353.1% during the 4th quarter. AustralianSuper Pty Ltd now owns 406,682 shares of the software maker’s stock worth $122,192,000 after buying an additional 390,104 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In other news, CFO John M. Wall sold 4,224 shares of the business’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $309.03, for a total transaction of $1,305,342.72. Following the completion of the transaction, the chief financial officer now owns 29,248 shares of the company’s stock, valued at approximately $9,038,509.44. The trade was a 12.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $16,987,930.96. This trade represents a 9.58 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 108,416 shares of company stock worth $33,538,875. 1.99% of the stock is currently owned by company insiders.

Cadence Design Systems Stock Down 2.1 %

CDNS stock opened at $248.64 on Friday. The firm has a market cap of $68.15 billion, a price-to-earnings ratio of 64.41, a PEG ratio of 3.88 and a beta of 1.03. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99. The firm has a fifty day moving average price of $296.12 and a two-hundred day moving average price of $286.72. 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 (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 analysts’ consensus estimates 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 business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Research analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on CDNS. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Needham & Company LLC reissued a “buy” rating and issued a $325.00 price target on shares of Cadence Design Systems in a report on Wednesday, February 19th. Loop Capital dropped their price objective on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Piper Sandler increased their target price on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. Finally, 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. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and an average target price of $326.92.

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.