Sava Infond d.o.o. Takes $406,000 Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sava Infond d.o.o. purchased a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 1,350 shares of the software maker’s stock, valued at approximately $406,000.

Several other large investors have also made changes to their positions in CDNS. Raymond James Financial Inc. purchased a new position in Cadence Design Systems in the 4th quarter valued at about $171,991,000. Principal Financial Group Inc. grew its position in shares of Cadence Design Systems by 33.0% in the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after purchasing an additional 501,833 shares in the last quarter. Manning & Napier Advisors LLC acquired a new stake in shares of Cadence Design Systems in the fourth quarter valued at approximately $148,594,000. Proficio Capital Partners LLC acquired a new position in Cadence Design Systems during the fourth quarter worth $129,546,000. Finally, Jensen Investment Management Inc. purchased a new stake in Cadence Design Systems in the 4th quarter valued at $126,571,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Price Performance

Shares of CDNS opened at $262.54 on Friday. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a fifty-two week low of $230.09 and a fifty-two week high of $328.99. The company has a market cap of $71.96 billion, a P/E ratio of 68.02, a PEG ratio of 3.88 and a beta of 1.05. The firm’s 50 day moving average price is $275.52 and its 200 day moving average price is $284.16.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. On average, research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total transaction of $164,274.50. Following the completion of the sale, the vice president now directly owns 58,123 shares of the company’s stock, valued at approximately $14,689,425.79. The trade was a 1.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total value of $1,799,916.80. Following the completion of the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at $16,987,930.96. This trade represents a 9.58 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 101,021 shares of company stock valued at $31,229,155. 1.99% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Robert W. Baird lowered 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 research report on Thursday, February 20th. Loop Capital dropped their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Piper Sandler increased their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. Finally, Oppenheimer reduced their target price on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research report on Wednesday, March 19th. One investment 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. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target 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.