Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by Brown Brothers Harriman & Co.

Brown Brothers Harriman & Co. increased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7,965.4% during the third quarter, Holdings Channel.com reports. The fund owned 230,349 shares of the software maker’s stock after acquiring an additional 227,493 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in Cadence Design Systems were worth $62,431,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Jennison Associates LLC grew its stake in shares of Cadence Design Systems by 2.7% in the 3rd quarter. Jennison Associates LLC now owns 7,606,175 shares of the software maker’s stock worth $2,061,502,000 after purchasing an additional 198,230 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of Cadence Design Systems by 26.1% in the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock valued at $689,472,000 after buying an additional 572,251 shares in the last quarter. Legal & General Group Plc lifted its position in shares of Cadence Design Systems by 1.8% during the 2nd quarter. Legal & General Group Plc now owns 2,509,136 shares of the software maker’s stock valued at $772,187,000 after acquiring an additional 43,654 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Cadence Design Systems by 33.0% during the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after acquiring an additional 501,833 shares in the last quarter. Finally, Swedbank AB grew its holdings in shares of 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 acquiring an additional 230,672 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of the business’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the completion of the transaction, the chief financial officer now owns 38,654 shares of the company’s stock, valued at $10,278,485.14. The trade was a 20.55 % 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, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total value of $413,970.00. Following the completion of the sale, the director now directly owns 43,551 shares in the company, valued at approximately $12,019,204.98. This represents a 3.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 15,634 shares of company stock worth $4,217,635. 0.62% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CDNS. Berenberg Bank started coverage on Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price for the company. Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a report on Friday. They set an “overweight” rating and a $350.00 price target on the stock. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a research note on Tuesday, August 6th. Finally, Robert W. Baird raised their target price on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $326.00.

Cadence Design Systems Price Performance

Shares of CDNS opened at $311.87 on Monday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The firm has a market cap of $85.53 billion, a PE ratio of 81.86, a PEG ratio of 4.23 and a beta of 1.02. The firm’s 50 day moving average price is $278.58 and its 200 day moving average price is $283.63. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.20. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. Cadence Design Systems’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.01 EPS. As a group, research analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal 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.