Fjarde AP Fonden Fourth Swedish National Pension Fund Grows Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 57,403 shares of the software maker’s stock after buying an additional 3,100 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Cadence Design Systems were worth $17,247,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Swedbank AB grew its position in Cadence Design Systems by 15.1% during the third quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock valued at $475,336,000 after buying an additional 230,672 shares during the period. Private Advisor Group LLC boosted its stake in shares of Cadence Design Systems by 31.2% during the 3rd quarter. Private Advisor Group LLC now owns 10,332 shares of the software maker’s stock worth $2,800,000 after acquiring an additional 2,457 shares in the last quarter. Dakota Wealth Management grew its position in shares of Cadence Design Systems by 1.8% during the 3rd quarter. Dakota Wealth Management now owns 2,644 shares of the software maker’s stock valued at $717,000 after acquiring an additional 47 shares during the period. Allworth Financial LP increased its stake in shares of Cadence Design Systems by 9.7% in the 3rd quarter. Allworth Financial LP now owns 777 shares of the software maker’s stock valued at $211,000 after purchasing an additional 69 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Cadence Design Systems by 31.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 106,345 shares of the software maker’s stock worth $29,152,000 after purchasing an additional 25,253 shares during the period. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $306.19, for a total value of $199,023.50. Following the transaction, the vice president now directly owns 60,461 shares in the company, valued at $18,512,553.59. The trade was a 1.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Paul Scannell sold 3,171 shares of the stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $305.78, for a total transaction of $969,628.38. Following the completion of the sale, the vice president now directly owns 14,318 shares of the company’s stock, valued at approximately $4,378,158.04. This trade represents a 18.13 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 108,416 shares of company stock valued at $33,538,875. 1.99% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

CDNS has been the topic of several research analyst reports. Piper Sandler raised 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. Wells Fargo & Company began coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target on the stock. Robert W. Baird reduced their price objective on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research report on Thursday. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Finally, Needham & Company LLC restated a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a research report on Wednesday, February 19th. One 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’s stock. According to MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and an average price target of $326.92.

Cadence Design Systems Trading Down 4.4 %

Shares of Cadence Design Systems stock opened at $258.27 on Monday. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The stock’s 50 day simple moving average is $300.54 and its 200-day simple moving average is $287.48. The stock has a market cap of $70.83 billion, a P/E ratio of 66.91, a P/E/G ratio of 3.88 and a beta of 1.03. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data 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 company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Analysts predict that Cadence Design Systems, Inc. will post 5.41 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.