Generali Asset Management SPA SGR Takes $5.92 Million Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Generali Asset Management SPA SGR purchased a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 19,696 shares of the software maker’s stock, valued at approximately $5,918,000.

Several other institutional investors and hedge funds have also recently modified their holdings of CDNS. MidAtlantic Capital Management Inc. bought a new position in Cadence Design Systems in the third quarter worth approximately $28,000. Golden State Wealth Management LLC bought a new position in Cadence Design Systems in the fourth quarter worth approximately $28,000. Avalon Trust Co bought a new position in Cadence Design Systems in the fourth quarter worth approximately $39,000. Versant Capital Management Inc raised its stake in Cadence Design Systems by 164.2% in the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after buying an additional 87 shares in the last quarter. Finally, Prestige Wealth Management Group LLC grew its holdings 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 during the last quarter. Institutional investors own 84.85% of the company’s stock.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $292.32, for a total transaction of $190,008.00. Following the sale, the vice president now directly owns 58,773 shares in the company, valued at $17,180,523.36. This trade represents a 1.09 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Anirudh Devgan sold 5,920 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total value 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. This trade represents a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 101,021 shares of company stock valued at $31,229,155. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

Shares of CDNS opened at $253.88 on Wednesday. The business’s 50-day moving average is $280.50 and its two-hundred day moving average is $284.19. The company has a market capitalization of $69.59 billion, a P/E ratio of 65.77, a P/E/G ratio of 3.88 and a beta of 1.05. 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, Inc. has a fifty-two week low of $230.09 and a fifty-two week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results 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 company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. Research analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CDNS has been the subject of several analyst reports. Bank of America decreased their price objective on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. Redburn Atlantic initiated coverage on Cadence Design Systems in a report on Monday, January 13th. They set a “buy” rating and a $350.00 price objective for the company. Piper Sandler increased their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Needham & Company LLC reiterated a “buy” rating and set a $325.00 price objective on shares of Cadence Design Systems in a report on Wednesday, February 19th. Finally, Loop Capital decreased their price objective on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average price target 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.