Banco Santander S.A. Purchases 5,409 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Banco Santander S.A. lifted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 105.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 10,536 shares of the software maker’s stock after purchasing an additional 5,409 shares during the period. Banco Santander S.A.’s holdings in Cadence Design Systems were worth $3,166,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Raymond James Financial Inc. bought a new position in Cadence Design Systems in the 4th quarter worth approximately $171,991,000. Principal Financial Group Inc. increased its position in 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 worth $547,886,000 after acquiring an additional 501,833 shares during the period. Manning & Napier Advisors LLC acquired a new position in Cadence Design Systems during the 4th quarter valued at $148,594,000. Proficio Capital Partners LLC bought a new stake in Cadence Design Systems in the 4th quarter valued at $129,546,000. Finally, Jennison Associates LLC grew its position in Cadence Design Systems by 5.3% in the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock worth $2,406,760,000 after purchasing an additional 404,076 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on CDNS shares. Rosenblatt Securities increased their target price on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Bank of America decreased their price objective on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Wells Fargo & Company began coverage on Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective on the stock. Needham & Company LLC reiterated a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Finally, Piper Sandler increased their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research note 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. According to data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $326.92.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $243.21 on Friday. The stock has a market capitalization of $66.67 billion, a price-to-earnings ratio of 63.01, a P/E/G ratio of 3.88 and a beta of 1.05. The firm’s 50-day moving average price is $288.68 and its two-hundred day moving average price is $285.44. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 1-year low of $233.72 and a 1-year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS 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 business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. On average, equities analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on 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. This trade represents a 1.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Paul Scannell sold 3,171 shares of the company’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $305.78, for a total value of $969,628.38. Following the transaction, the vice president now directly owns 14,318 shares in the company, valued at approximately $4,378,158.04. This represents a 18.13 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 108,416 shares of company stock valued at $33,504,126 over the last ninety days. 1.99% of the stock is owned by insiders.

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.