AustralianSuper Pty Ltd Has $122.19 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

AustralianSuper Pty Ltd increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2,353.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 406,682 shares of the software maker’s stock after acquiring an additional 390,104 shares during the quarter. AustralianSuper Pty Ltd owned about 0.15% of Cadence Design Systems worth $122,192,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CDNS. Creative Planning lifted its stake in shares of Cadence Design Systems by 9.1% in the third quarter. Creative Planning now owns 48,389 shares of the software maker’s stock worth $13,115,000 after acquiring an additional 4,038 shares during the period. Swedbank AB increased its holdings in Cadence Design Systems by 15.1% in the third quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock worth $475,336,000 after purchasing an additional 230,672 shares in the last quarter. Good Life Advisors LLC bought a new stake in Cadence Design Systems in the third quarter worth approximately $278,000. Bleakley Financial Group LLC increased its holdings in Cadence Design Systems by 6.1% in the third quarter. Bleakley Financial Group LLC now owns 13,683 shares of the software maker’s stock worth $3,709,000 after purchasing an additional 790 shares in the last quarter. Finally, Teamwork Financial Advisors LLC increased its holdings in Cadence Design Systems by 19.4% in the third quarter. Teamwork Financial Advisors LLC now owns 13,131 shares of the software maker’s stock worth $3,559,000 after purchasing an additional 2,136 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Cadence Design Systems news, CEO Anirudh Devgan sold 5,920 shares of the business’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total value of $1,799,916.80. Following the transaction, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $16,987,930.96. The trade was a 9.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul Scannell sold 3,171 shares of the business’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 completion of 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. Over the last quarter, insiders have sold 108,416 shares of company stock valued at $33,538,875. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Down 0.3 %

Shares of Cadence Design Systems stock opened at $295.19 on Friday. The stock has a fifty day simple moving average of $303.55 and a 200 day simple moving average of $285.94. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99. The company has a market capitalization of $80.96 billion, a P/E ratio of 77.48, a price-to-earnings-growth ratio of 3.50 and a beta of 1.03.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Robert W. Baird lifted their target price on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Redburn Atlantic began coverage on Cadence Design Systems in a report on Monday, January 13th. They set a “buy” rating and a $350.00 price objective for the company. Needham & Company LLC decreased their price objective 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. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Finally, Mizuho boosted their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $326.08.

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.