Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock Position Raised by Amundi

Amundi boosted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 14.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,567,662 shares of the software maker’s stock after buying an additional 194,563 shares during the quarter. Amundi owned approximately 0.57% of Cadence Design Systems worth $474,315,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CDNS. Swedbank AB lifted its position in Cadence Design Systems by 15.1% in the 3rd quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock worth $475,336,000 after buying an additional 230,672 shares in the last quarter. Impax Asset Management Group plc lifted its position in Cadence Design Systems by 20.9% in the 3rd quarter. Impax Asset Management Group plc now owns 1,374,531 shares of the software maker’s stock worth $371,719,000 after buying an additional 237,495 shares in the last quarter. Principal Financial Group Inc. lifted its position in Cadence Design Systems by 33.0% in the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after buying an additional 501,833 shares in the last quarter. Fiera Capital Corp lifted its position in Cadence Design Systems by 9.3% in the 3rd quarter. Fiera Capital Corp now owns 26,521 shares of the software maker’s stock worth $7,188,000 after buying an additional 2,262 shares in the last quarter. Finally, CWA Asset Management Group LLC purchased a new stake in Cadence Design Systems in the 3rd quarter worth approximately $1,213,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analyst Ratings Changes

CDNS has been the topic of several analyst reports. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Needham & Company LLC restated a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Piper Sandler increased their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Loop Capital dropped their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Finally, Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They set a “buy” rating and a $350.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $326.92.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Scannell sold 3,171 shares of the stock in a transaction 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 completion of the sale, the vice president now directly owns 14,318 shares of the company’s stock, valued at $4,378,158.04. This represents a 18.13 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction on Thursday, January 2nd. The shares were 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 of the company’s stock, valued at approximately $16,987,930.96. This trade represents a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 108,416 shares of company stock valued at $33,504,126 in the last ninety days. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $243.21 on Friday. Cadence Design Systems, Inc. has a 1 year low of $233.72 and a 1 year high of $328.99. The firm’s fifty day simple moving average is $288.68 and its 200 day simple moving average is $285.44. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $66.67 billion, a PE ratio of 63.01, a PEG ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly 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 net margin of 22.74% and a return on equity of 29.24%. The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. On average, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current 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.