Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by Harvest Fund Management Co. Ltd

Harvest Fund Management Co. Ltd raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 68.9% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 22,446 shares of the software maker’s stock after buying an additional 9,154 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Cadence Design Systems were worth $6,755,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of the company. MidAtlantic Capital Management Inc. acquired a new position in shares of Cadence Design Systems during the 3rd quarter worth $28,000. Golden State Wealth Management LLC acquired a new position in shares of Cadence Design Systems during the 4th quarter worth $28,000. Avalon Trust Co acquired a new position in shares of Cadence Design Systems during the 4th quarter worth $39,000. Versant Capital Management Inc grew its stake in shares of Cadence Design Systems by 164.2% during the 4th 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 period. Finally, Prestige Wealth Management Group LLC grew its stake in shares of Cadence Design Systems by 56.6% during the 3rd 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 during the period. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 5,920 shares of the firm’s stock in a transaction that occurred 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total transaction of $198,146.00. Following the sale, the vice president now directly owns 59,311 shares of the company’s stock, valued at $18,080,365.24. The trade was a 1.08 % decrease in their position. 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 owned by corporate insiders.

Cadence Design Systems Stock Down 0.5 %

CDNS opened at $253.88 on Wednesday. The firm has a 50 day moving average price of $280.50 and a 200 day moving average price of $284.19. The company has a market cap of $69.59 billion, a PE ratio of 65.77, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 1 year low of $230.09 and a 1 year high of $328.99. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) 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 analyst estimates of $1.35 billion. Sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Wall Street Analyst Weigh In

CDNS has been the topic of a number of research reports. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective on the stock. Rosenblatt Securities increased their price objective on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Piper Sandler upped their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Mizuho upped their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Finally, Robert W. Baird reduced their target price on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a report on Thursday, February 20th. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average target price of $326.92.

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.