Twin Capital Management Inc. Acquires 243 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Twin Capital Management Inc. boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,453 shares of the software maker’s stock after purchasing an additional 243 shares during the quarter. Twin Capital Management Inc.’s holdings in Cadence Design Systems were worth $2,239,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of CDNS. Cerity Partners LLC lifted its position in shares of Cadence Design Systems by 10.3% during the 4th quarter. Cerity Partners LLC now owns 16,798 shares of the software maker’s stock valued at $4,815,000 after acquiring an additional 1,573 shares during the period. FMR LLC boosted its stake in Cadence Design Systems by 8.7% in the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock valued at $2,397,266,000 after buying an additional 639,146 shares in the last quarter. Himension Capital Singapore PTE. LTD. grew its holdings in shares of Cadence Design Systems by 9.1% during the 4th quarter. Himension Capital Singapore PTE. LTD. now owns 13,119 shares of the software maker’s stock valued at $3,942,000 after purchasing an additional 1,091 shares during the last quarter. Ilmarinen Mutual Pension Insurance Co grew its stake in shares of Cadence Design Systems by 4.5% during the fourth quarter. Ilmarinen Mutual Pension Insurance Co now owns 57,500 shares of the software maker’s stock worth $17,276,000 after buying an additional 2,500 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its holdings in Cadence Design Systems by 49.4% in the 4th quarter. Envestnet Asset Management Inc. now owns 1,012,507 shares of the software maker’s stock worth $304,218,000 after purchasing an additional 334,694 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the sale, the vice president now directly owns 58,123 shares in the company, valued at approximately $14,689,425.79. The trade was a 1.11 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders have sold 1,950 shares of company stock worth $518,499. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Down 6.4 %

Shares of Cadence Design Systems stock opened at $232.88 on Monday. The stock has a fifty day moving average price of $268.08 and a 200-day moving average price of $283.85. 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 firm has a market cap of $63.88 billion, a PE ratio of 60.33, a P/E/G ratio of 3.88 and a beta of 1.14. Cadence Design Systems, Inc. has a 1 year low of $214.32 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.35 billion. Equities research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on CDNS shares. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Rosenblatt Securities increased their price target on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Piper Sandler lifted their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Robert W. Baird decreased their target price 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, February 20th. Finally, Needham & Company LLC restated a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $324.83.

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.