UniSuper Management Pty Ltd Boosts Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

UniSuper Management Pty Ltd increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 147.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 122,530 shares of the software maker’s stock after buying an additional 72,996 shares during the period. UniSuper Management Pty Ltd’s holdings in Cadence Design Systems were worth $36,815,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of CDNS. Principal Financial Group Inc. grew its stake in 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 worth $547,886,000 after purchasing an additional 501,833 shares during the period. Cerity Partners LLC grew its position in shares of Cadence Design Systems by 27.9% in the 3rd quarter. Cerity Partners LLC now owns 15,225 shares of the software maker’s stock worth $4,126,000 after buying an additional 3,320 shares during the period. Larson Financial Group LLC increased its stake in shares of Cadence Design Systems by 150.0% in the 3rd quarter. Larson Financial Group LLC now owns 500 shares of the software maker’s stock worth $136,000 after acquiring an additional 300 shares in the last quarter. Private Trust Co. NA boosted its stake in Cadence Design Systems by 16.2% during the third quarter. Private Trust Co. NA now owns 733 shares of the software maker’s stock worth $199,000 after acquiring an additional 102 shares in the last quarter. Finally, Qsemble Capital Management LP purchased a new position in shares of Cadence Design Systems during the third quarter valued at approximately $1,250,000. 84.85% of the stock is owned by institutional investors.

Insider Activity

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total transaction of $198,146.00. Following the transaction, the vice president now owns 59,311 shares of the company’s stock, valued at $18,080,365.24. The trade was 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 through the SEC website. Also, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the sale, 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 disclosure for this sale can be found here. Insiders have sold a total of 101,021 shares of company stock valued at $31,229,155 in the last ninety days. Corporate insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CDNS. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Piper Sandler raised their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. Oppenheimer dropped their target price on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research note on Wednesday, March 19th. Needham & Company LLC reissued a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Finally, Bank of America lowered their price objective on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research report 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 assigned a buy rating to the company’s stock. According to data from MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and a consensus target price of $324.83.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS opened at $263.41 on Thursday. Cadence Design Systems, Inc. has a 12-month low of $230.09 and a 12-month high of $328.99. The firm has a market capitalization of $72.20 billion, a price-to-earnings ratio of 68.24, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The firm has a 50 day moving average of $276.25 and a 200 day moving average of $284.31.

Cadence Design Systems (NASDAQ:CDNS) last issued 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). The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. On average, research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current 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.