Aviva PLC Buys 79,585 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Aviva PLC boosted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 16.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 560,227 shares of the software maker’s stock after purchasing an additional 79,585 shares during the quarter. Aviva PLC’s holdings in Cadence Design Systems were worth $168,326,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Oarsman Capital Inc. lifted its position in Cadence Design Systems by 3.8% during the fourth quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker’s stock valued at $313,000 after acquiring an additional 38 shares during the last quarter. Resona Asset Management Co. Ltd. acquired a new position in shares of Cadence Design Systems during the fourth quarter worth $25,891,000. Orion Investment Co lifted its holdings in shares of Cadence Design Systems by 33.7% during the 4th quarter. Orion Investment Co now owns 9,500 shares of the software maker’s stock valued at $2,854,000 after purchasing an additional 2,396 shares during the last quarter. Prudential PLC boosted its position in shares of Cadence Design Systems by 53.5% in the 4th quarter. Prudential PLC now owns 28,553 shares of the software maker’s stock worth $8,579,000 after purchasing an additional 9,950 shares in the last quarter. Finally, DF Dent & Co. Inc. grew its stake in Cadence Design Systems by 64.8% during the 4th quarter. DF Dent & Co. Inc. now owns 322,917 shares of the software maker’s stock worth $97,024,000 after buying an additional 127,000 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Price Performance

Shares of CDNS opened at $232.88 on Friday. The company has a market capitalization of $63.88 billion, a P/E ratio of 60.33, a P/E/G ratio of 3.88 and a beta of 1.05. The business’s 50-day moving average is $268.08 and its two-hundred day moving average is $283.68. 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). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The company had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Research analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on CDNS shares. Piper Sandler raised their price target on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. Redburn Atlantic started coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective for the company. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Mizuho raised their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Finally, Oppenheimer dropped their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a report on Wednesday, March 19th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $324.83.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total value of $164,216.00. Following the completion of the transaction, the vice president now owns 108,799 shares in the company, valued at $27,486,979.36. The trade was a 0.59 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the transaction, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at $17,320,940. The trade was a 62.51 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 95,101 shares of company stock valued at $29,395,309. Corporate insiders own 1.99% of the company’s stock.

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.