China Universal Asset Management Co. Ltd. Purchases 990 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

China Universal Asset Management Co. Ltd. raised its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 28.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,463 shares of the software maker’s stock after acquiring an additional 990 shares during the quarter. China Universal Asset Management Co. Ltd.’s holdings in Cadence Design Systems were worth $1,341,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Nisa Investment Advisors LLC grew its position in Cadence Design Systems by 132.1% in the fourth quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock valued at $41,850,000 after purchasing an additional 79,268 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in shares of Cadence Design Systems by 48.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock valued at $258,136,000 after acquiring an additional 310,250 shares during the last quarter. Avanza Fonder AB bought a new stake in Cadence Design Systems during the fourth quarter worth about $6,046,000. Caisse DE Depot ET Placement DU Quebec acquired a new position in Cadence Design Systems during the third quarter valued at approximately $24,026,000. Finally, Zhang Financial LLC bought a new position in Cadence Design Systems in the fourth quarter valued at approximately $381,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total value of $198,146.00. Following the completion of the sale, the vice president now directly owns 59,311 shares in the company, valued at approximately $18,080,365.24. This represents a 1.08 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 107,766 shares of company stock valued at $33,348,867 in the last ninety days. 1.99% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

CDNS has been the subject of several recent analyst reports. StockNews.com raised Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Wednesday. Redburn Atlantic initiated 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. Robert W. Baird upped their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Needham & Company LLC reduced their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. Finally, Loop Capital initiated coverage on Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 price objective on the stock. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $329.50.

Cadence Design Systems Stock Down 0.0 %

Shares of NASDAQ CDNS opened at $297.62 on Friday. The stock has a market capitalization of $81.63 billion, a P/E ratio of 78.12, a PEG ratio of 3.33 and a beta of 1.04. The stock’s fifty day moving average is $305.30 and its 200 day moving average is $284.61. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45.

Cadence Design Systems 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.