Fmr LLC Buys 639,146 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Fmr LLC increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 8.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 7,978,652 shares of the software maker’s stock after acquiring an additional 639,146 shares during the quarter. Fmr LLC’s holdings in Cadence Design Systems were worth $2,397,266,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Principal Financial Group Inc. grew its position in shares of Cadence Design Systems by 33.0% during the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after purchasing an additional 501,833 shares in the last quarter. HighTower Advisors LLC boosted its stake in Cadence Design Systems by 3.4% during the third quarter. HighTower Advisors LLC now owns 41,916 shares of the software maker’s stock valued at $11,388,000 after buying an additional 1,393 shares during the last quarter. IHT Wealth Management LLC grew its holdings in Cadence Design Systems by 41.5% during the 3rd quarter. IHT Wealth Management LLC now owns 1,466 shares of the software maker’s stock valued at $394,000 after buying an additional 430 shares in the last quarter. Kovitz Investment Group Partners LLC increased its stake in Cadence Design Systems by 99.5% in the 3rd quarter. Kovitz Investment Group Partners LLC now owns 6,894 shares of the software maker’s stock worth $1,868,000 after acquiring an additional 3,438 shares during the last quarter. Finally, Insigneo Advisory Services LLC raised its holdings in shares of Cadence Design Systems by 3.0% during the 3rd quarter. Insigneo Advisory Services LLC now owns 1,732 shares of the software maker’s stock worth $469,000 after acquiring an additional 50 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CDNS shares. Robert W. Baird reduced their price target on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. Loop Capital reduced their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Bank of America lowered their price target on shares of 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 began coverage on Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 price target for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $325.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, February 19th. One investment 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. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $324.83.

Cadence Design Systems Stock Down 6.4 %

NASDAQ:CDNS opened at $232.88 on Friday. The company has a market cap of $63.88 billion, a price-to-earnings ratio of 60.33, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a twelve month low of $230.09 and a twelve month high of $328.99. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The stock has a fifty day simple moving average of $268.08 and a 200-day simple moving average of $283.75.

Cadence Design Systems (NASDAQ:CDNS) last announced 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). The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. Analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Activity at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the transaction, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This represents a 62.51 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the sale, the vice president now owns 58,123 shares of the company’s stock, valued at $14,689,425.79. The trade was a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 95,101 shares of company stock worth $29,395,309. Company insiders own 1.99% of the company’s stock.

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.