Keystone Investors PTE Ltd. Invests $3.83 Million in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Keystone Investors PTE Ltd. acquired a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 12,746 shares of the software maker’s stock, valued at approximately $3,830,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Raymond James Financial Inc. bought a new position in shares of Cadence Design Systems during the 4th quarter worth approximately $171,991,000. Principal Financial Group Inc. boosted its holdings in 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 during the last quarter. Manning & Napier Advisors LLC bought a new position in Cadence Design Systems in the fourth quarter valued at $148,594,000. Proficio Capital Partners LLC acquired a new stake in Cadence Design Systems in the 4th quarter valued at $129,546,000. Finally, Jensen Investment Management Inc. bought a new stake in Cadence Design Systems during the 4th quarter worth about $126,571,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CDNS. Oppenheimer decreased their price objective on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a report on Wednesday, March 19th. Mizuho raised their price target on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. 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 research note on Wednesday, February 19th. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Finally, Piper Sandler boosted their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $324.83.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $267.15 on Tuesday. The company has a market capitalization of $73.23 billion, a price-to-earnings ratio of 69.21, a PEG ratio of 3.88 and a beta of 1.05. The stock’s 50 day moving average is $277.50 and its 200-day moving average is $284.31. 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 12 month low of $230.09 and a 12 month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its 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 return on equity of 29.24% and a net margin of 22.74%. The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Equities research analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the transaction, the vice president now owns 58,123 shares of the company’s stock, valued at $14,689,425.79. The trade was a 1.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 sale, the chief executive officer now owns 55,874 shares in the company, valued at $16,987,930.96. The trade was a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 101,021 shares of company stock valued at $31,229,155. 1.99% of the stock is currently owned by company insiders.

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.