Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Himension Capital Singapore PTE. LTD.

Himension Capital Singapore PTE. LTD. raised its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,119 shares of the software maker’s stock after purchasing an additional 1,091 shares during the period. Cadence Design Systems comprises approximately 0.3% of Himension Capital Singapore PTE. LTD.’s holdings, making the stock its 28th largest holding. Himension Capital Singapore PTE. LTD.’s holdings in Cadence Design Systems were worth $3,942,000 as of its most recent SEC filing.

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

Analysts Set New Price Targets

A number of research firms have commented on CDNS. Bank of America reduced their target price on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Oppenheimer cut their target price on 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. Redburn Atlantic assumed coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 price target for the company. Robert W. Baird cut their price objective on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. Finally, Piper Sandler upped their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $324.83.

Cadence Design Systems Price Performance

CDNS opened at $232.88 on Friday. The stock has a fifty day moving average price of $268.08 and a 200 day moving average price of $283.75. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 1 year low of $230.09 and a 1 year high of $328.99. The stock has a market cap of $63.88 billion, a price-to-earnings ratio of 60.33, a PEG ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS) last issued 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). The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. Analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total transaction of $164,216.00. Following the transaction, the vice president now owns 108,799 shares in the company, valued at $27,486,979.36. This trade represents a 0.59 % 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, CEO Anirudh Devgan sold 93,151 shares of the business’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 owns 55,874 shares of the company’s stock, 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 have sold 95,101 shares of company stock valued at $29,395,309 over the last three months. 1.99% of the stock is currently owned by 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.