Handelsbanken Fonder AB Has $25.86 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Handelsbanken Fonder AB lessened its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 86,070 shares of the software maker’s stock after selling 3,330 shares during the period. Handelsbanken Fonder AB’s holdings in Cadence Design Systems were worth $25,861,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. Swedbank AB boosted its position in Cadence Design Systems by 15.1% during the 3rd quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock worth $475,336,000 after buying an additional 230,672 shares during the period. Leo Wealth LLC lifted its holdings in shares of Cadence Design Systems by 6.6% during the third quarter. Leo Wealth LLC now owns 780 shares of the software maker’s stock worth $211,000 after purchasing an additional 48 shares during the period. Private Advisor Group LLC lifted its holdings in shares of Cadence Design Systems by 31.2% during the third quarter. Private Advisor Group LLC now owns 10,332 shares of the software maker’s stock worth $2,800,000 after purchasing an additional 2,457 shares during the period. Commerzbank Aktiengesellschaft FI increased its holdings in Cadence Design Systems by 37.0% in the third quarter. Commerzbank Aktiengesellschaft FI now owns 2,504 shares of the software maker’s stock valued at $679,000 after purchasing an additional 676 shares during the period. Finally, Greenleaf Trust raised its position in Cadence Design Systems by 8.0% during the 3rd quarter. Greenleaf Trust now owns 6,012 shares of the software maker’s stock worth $1,629,000 after purchasing an additional 445 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the transaction, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $306.19, for a total transaction of $199,023.50. Following the transaction, the vice president now owns 60,461 shares of the company’s stock, valued at $18,512,553.59. This represents a 1.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 108,416 shares of company stock valued at $33,538,875. Company insiders own 1.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on CDNS shares. Wells Fargo & Company began coverage on Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $325.00 target price on shares of Cadence Design Systems in a report on Wednesday. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Mizuho upped their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Finally, Robert W. Baird lowered 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 note on Thursday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average target price of $326.92.

Cadence Design Systems Stock Down 1.3 %

Shares of NASDAQ CDNS opened at $270.39 on Friday. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The firm has a market cap of $74.16 billion, a PE ratio of 70.05, a P/E/G ratio of 3.48 and a beta of 1.03. The company’s fifty day simple moving average is $302.27 and its 200 day simple moving average is $287.07. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 30.20% and a net margin of 22.74%. The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. As a group, sell-side analysts forecast that Cadence Design Systems, Inc. will post 5.57 earnings per share for the current fiscal year.

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.