AKO Capital LLP Has $67.29 Million Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

AKO Capital LLP increased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 12.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 223,944 shares of the software maker’s stock after acquiring an additional 25,366 shares during the period. Cadence Design Systems comprises about 0.9% of AKO Capital LLP’s investment portfolio, making the stock its 23rd biggest position. AKO Capital LLP owned 0.08% of Cadence Design Systems worth $67,286,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CDNS. Principal Financial Group Inc. grew its holdings in shares of Cadence Design Systems by 10.7% during the fourth quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker’s stock worth $672,300,000 after purchasing an additional 216,075 shares during the last quarter. Pittenger & Anderson Inc. grew its holdings in Cadence Design Systems by 50.1% during the 4th quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker’s stock worth $1,589,000 after acquiring an additional 1,766 shares during the last quarter. Meridiem Investment Management Ltd. raised its stake in shares of Cadence Design Systems by 64.3% in the fourth quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker’s stock worth $235,625,000 after acquiring an additional 306,887 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in shares of Cadence Design Systems by 132.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock worth $41,850,000 after purchasing an additional 79,268 shares in the last quarter. Finally, Avanza Fonder AB bought a new stake in shares of Cadence Design Systems during the fourth quarter valued at approximately $6,046,000. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Down 0.3 %

CDNS opened at $262.54 on Friday. The firm has a market capitalization of $71.96 billion, a P/E ratio of 68.02, a PEG ratio of 3.88 and a beta of 1.05. 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 company’s 50-day moving average is $275.52 and its 200 day moving average is $284.16. Cadence Design Systems, Inc. has a fifty-two week low of $230.09 and a fifty-two week 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 earnings per share for the quarter, missing the consensus estimate of $1.82 by ($0.33). The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. Research analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total value of $198,146.00. Following the sale, the vice president now directly owns 59,311 shares of the company’s stock, valued at $18,080,365.24. This represents a 1.08 % 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, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. This represents a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 101,021 shares of company stock worth $31,229,155. 1.99% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

CDNS has been the topic of several recent research reports. Bank of America decreased their price target 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. Mizuho lifted their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Oppenheimer cut their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a report on Wednesday, March 19th. Loop Capital lowered their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. Finally, Piper Sandler increased their price target on 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 equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $324.83.

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.