Mn Services Vermogensbeheer B.V. Raises Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Mn Services Vermogensbeheer B.V. grew its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.3% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 108,037 shares of the software maker’s stock after buying an additional 3,500 shares during the period. Mn Services Vermogensbeheer B.V.’s holdings in Cadence Design Systems were worth $32,461,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. New York Life Investment Management LLC increased its position in Cadence Design Systems by 1.6% in the fourth quarter. New York Life Investment Management LLC now owns 41,290 shares of the software maker’s stock worth $12,406,000 after buying an additional 657 shares in the last quarter. Walter Public Investments Inc. grew its position in shares of Cadence Design Systems by 20.7% during the fourth quarter. Walter Public Investments Inc. now owns 66,798 shares of the software maker’s stock worth $20,070,000 after purchasing an additional 11,435 shares in the last quarter. Whipplewood Advisors LLC purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth about $157,000. NewEdge Wealth LLC grew its position in shares of Cadence Design Systems by 5.0% during the fourth quarter. NewEdge Wealth LLC now owns 98,722 shares of the software maker’s stock worth $29,662,000 after purchasing an additional 4,739 shares in the last quarter. Finally, Simmons Bank grew its position in shares of Cadence Design Systems by 7.5% during the fourth quarter. Simmons Bank now owns 1,435 shares of the software maker’s stock worth $431,000 after purchasing an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on CDNS shares. Mizuho increased their target price on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Piper Sandler increased their target price on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. Rosenblatt Securities increased their target price on Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Bank of America cut their target price on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Finally, Robert W. Baird cut their price target on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average price target of $326.92.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $254.38 on Thursday. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week 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 firm has a market capitalization of $69.73 billion, a P/E ratio of 65.90, a PEG ratio of 3.88 and a beta of 1.03. The firm’s 50 day moving average is $297.15 and its two-hundred day moving average is $286.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results 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 business 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 earnings per share for the current year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total value of $190,008.00. Following the sale, the vice president now directly owns 58,773 shares in the company, valued at approximately $17,180,523.36. This trade represents a 1.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at $17,320,940. This represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 108,416 shares of company stock worth $33,538,875 over the last ninety days. Corporate 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.