LGT Group Foundation Raises Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

LGT Group Foundation increased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,636 shares of the software maker’s stock after buying an additional 482 shares during the quarter. LGT Group Foundation’s holdings in Cadence Design Systems were worth $2,595,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. State Street Corp increased its stake in shares of Cadence Design Systems by 0.5% in the third quarter. State Street Corp now owns 11,922,747 shares of the software maker’s stock worth $3,231,422,000 after buying an additional 60,490 shares during the period. Jennison Associates LLC increased its stake in shares of Cadence Design Systems by 5.3% in the fourth quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock worth $2,406,760,000 after buying an additional 404,076 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Cadence Design Systems by 0.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,988,851 shares of the software maker’s stock worth $1,081,098,000 after buying an additional 37,452 shares during the period. Nordea Investment Management AB increased its stake in shares of Cadence Design Systems by 6.5% in the fourth quarter. Nordea Investment Management AB now owns 2,933,392 shares of the software maker’s stock worth $885,356,000 after buying an additional 178,212 shares during the period. Finally, Janus Henderson Group PLC increased its stake in shares of Cadence Design Systems by 3.6% in the third quarter. Janus Henderson Group PLC now owns 2,244,676 shares of the software maker’s stock worth $608,373,000 after buying an additional 77,246 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Piper Sandler lifted their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Mizuho lifted their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Robert W. Baird cut their price target on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a report on Thursday, February 20th. Rosenblatt Securities lifted their price target on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Finally, Redburn Atlantic assumed coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $326.92.

Insiders Place Their Bets

In related news, VP Paul Scannell sold 3,171 shares of the stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $305.78, for a total value of $969,628.38. Following the completion of the sale, the vice president now directly owns 14,318 shares of the company’s stock, valued at approximately $4,378,158.04. This represents a 18.13 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total transaction of $190,008.00. Following the completion of the sale, the vice president now directly owns 58,773 shares of the company’s stock, valued at $17,180,523.36. This represents a 1.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 107,766 shares of company stock valued at $33,339,852. 1.99% of the stock is owned by insiders.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $241.74 on Tuesday. The stock has a market cap of $66.26 billion, a price-to-earnings ratio of 62.63, a PEG ratio of 3.88 and a beta of 1.03. The firm’s 50-day moving average is $293.85 and its 200 day moving average is $286.55. Cadence Design Systems, Inc. has a 1 year low of $240.35 and a 1 year high of $328.99. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

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.