Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by Czech National Bank

Czech National Bank raised its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.6% during the 4th quarter, Holdings Channel reports. The firm owned 59,466 shares of the software maker’s stock after buying an additional 3,686 shares during the quarter. Czech National Bank’s holdings in Cadence Design Systems were worth $17,867,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Sumitomo Mitsui Trust Group Inc. grew its holdings in Cadence Design Systems by 48.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock valued at $258,136,000 after purchasing an additional 310,250 shares during the period. Caisse DE Depot ET Placement DU Quebec acquired a new stake in shares of Cadence Design Systems in the third quarter worth approximately $24,026,000. Teamwork Financial Advisors LLC boosted its stake in shares of 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 acquiring an additional 2,136 shares during the last quarter. Jennison Associates LLC boosted its stake in shares of Cadence Design Systems by 2.7% in the third quarter. Jennison Associates LLC now owns 7,606,175 shares of the software maker’s stock worth $2,061,502,000 after acquiring an additional 198,230 shares during the last quarter. Finally, Vontobel Holding Ltd. boosted its stake in shares of Cadence Design Systems by 5.3% in the third quarter. Vontobel Holding Ltd. now owns 228,597 shares of the software maker’s stock worth $61,957,000 after acquiring an additional 11,568 shares during the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $306.19, for a total transaction of $199,023.50. Following the completion of the transaction, the vice president now directly owns 60,461 shares of the company’s stock, valued at $18,512,553.59. The trade was a 1.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction on Monday, January 6th. The stock was 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 $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 108,416 shares of company stock valued at $33,528,267. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Trading Down 2.2 %

Shares of NASDAQ CDNS opened at $292.50 on Tuesday. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The stock has a fifty day simple moving average of $304.26 and a 200-day simple moving average of $285.30. The stock has a market capitalization of $80.22 billion, a PE ratio of 76.77, a PEG ratio of 4.16 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same period in the previous year, the firm posted $1.01 earnings per share. The company’s revenue was up 18.8% on a year-over-year basis. On average, equities analysts forecast that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CDNS. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Redburn Atlantic began coverage on Cadence Design Systems in a research note on Monday. They issued a “buy” rating and a $350.00 price target on the stock. Oppenheimer began coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target on the stock. Wells Fargo & Company initiated coverage on Cadence Design Systems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target on the stock. Finally, Berenberg Bank initiated coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $329.50.

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.