DnB Asset Management AS Raises Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

DnB Asset Management AS raised its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNSGet Rating) by 1.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 45,380 shares of the software maker’s stock after buying an additional 596 shares during the period. DnB Asset Management AS’s holdings in Cadence Design Systems were worth $6,808,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Norges Bank purchased a new position in shares of Cadence Design Systems in the fourth quarter worth $448,422,000. BlackRock Inc. raised its stake in shares of Cadence Design Systems by 6.0% during the first quarter. BlackRock Inc. now owns 33,427,221 shares of the software maker’s stock valued at $5,497,441,000 after acquiring an additional 1,906,590 shares during the last quarter. 1832 Asset Management L.P. raised its stake in shares of Cadence Design Systems by 1,321.3% during the fourth quarter. 1832 Asset Management L.P. now owns 1,013,174 shares of the software maker’s stock valued at $192,601,000 after acquiring an additional 941,891 shares during the last quarter. Van ECK Associates Corp boosted its holdings in shares of Cadence Design Systems by 43.1% during the first quarter. Van ECK Associates Corp now owns 1,720,943 shares of the software maker’s stock worth $283,026,000 after purchasing an additional 518,657 shares during the period. Finally, Vanguard Group Inc. grew its stake in shares of Cadence Design Systems by 1.3% in the first quarter. Vanguard Group Inc. now owns 31,767,905 shares of the software maker’s stock worth $5,224,549,000 after purchasing an additional 394,861 shares during the last quarter. 84.02% of the stock is owned by institutional investors.

Cadence Design Systems Stock Up 0.7 %

CDNS opened at $164.27 on Monday. The stock has a market capitalization of $44.99 billion, a price-to-earnings ratio of 58.88, a PEG ratio of 2.80 and a beta of 1.17. The firm has a 50 day moving average price of $175.03 and a 200-day moving average price of $160.10. Cadence Design Systems, Inc. has a twelve month low of $132.32 and a twelve month high of $194.97. The company has a quick ratio of 1.49, a current ratio of 1.59 and a debt-to-equity ratio of 0.13.

Cadence Design Systems (NASDAQ:CDNSGet Rating) last announced its earnings results on Monday, July 25th. The software maker reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.12. The business had revenue of $858.00 million during the quarter, compared to analyst estimates of $835.01 million. Cadence Design Systems had a net margin of 23.61% and a return on equity of 32.06%. The company’s quarterly revenue was up 17.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.71 EPS. Equities research analysts forecast that Cadence Design Systems, Inc. will post 3.31 earnings per share for the current year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, insider Lip Bu Tan sold 50,000 shares of the business’s stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $192.42, for a total transaction of $9,621,000.00. Following the completion of the sale, the insider now directly owns 608,023 shares in the company, valued at approximately $116,995,785.66. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, VP Paul Cunningham sold 250 shares of the company’s stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $148.24, for a total value of $37,060.00. Following the completion of the sale, the vice president now directly owns 96,764 shares in the company, valued at approximately $14,344,295.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Lip Bu Tan sold 50,000 shares of Cadence Design Systems stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $192.42, for a total value of $9,621,000.00. Following the transaction, the insider now owns 608,023 shares in the company, valued at $116,995,785.66. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 373,728 shares of company stock valued at $63,966,614. 1.99% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts have commented on CDNS shares. Wolfe Research started coverage on Cadence Design Systems in a research report on Tuesday, August 16th. They set an “outperform” rating and a $210.00 price target for the company. Needham & Company LLC raised their price target on Cadence Design Systems from $193.00 to $200.00 and gave the stock a “buy” rating in a research note on Tuesday, July 26th. Rosenblatt Securities boosted their price objective on shares of Cadence Design Systems from $170.00 to $185.00 and gave the stock a “buy” rating in a research note on Tuesday, July 26th. Stifel Nicolaus started coverage on Cadence Design Systems in a research report on Wednesday, September 7th. They issued a “hold” rating and a $200.00 price target on the stock. Finally, Bank of America upgraded Cadence Design Systems from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $160.00 to $175.00 in a research note on Wednesday, June 29th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average price target of $191.92.

Cadence Design Systems Profile

(Get Rating)

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.

Further Reading

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Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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