Arjuna Capital Purchases New Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Arjuna Capital acquired a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 850 shares of the software maker’s stock, valued at approximately $255,000.

Other large investors also recently added to or reduced their stakes in the company. Raymond James Financial Inc. acquired a new position in shares of Cadence Design Systems during the 4th quarter valued at about $171,991,000. Principal Financial Group Inc. raised its stake in Cadence Design Systems by 33.0% during 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. Manning & Napier Advisors LLC acquired a new position in Cadence Design Systems in the 4th quarter valued at about $148,594,000. Proficio Capital Partners LLC purchased a new stake in shares of Cadence Design Systems in the 4th quarter valued at approximately $129,546,000. Finally, Jennison Associates LLC increased its holdings in shares of Cadence Design Systems by 5.3% during the 4th 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 last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the sale, the vice president now directly owns 58,123 shares of the company’s stock, valued at approximately $14,689,425.79. This represents a 1.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP Paul Scannell sold 3,171 shares of Cadence Design Systems stock in a transaction on Friday, December 13th. The stock was sold at an average price of $305.78, for a total transaction of $969,628.38. Following the sale, the vice president now directly owns 14,318 shares of the company’s stock, valued at approximately $4,378,158.04. This trade represents a 18.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock valued at $33,504,126 in the last quarter. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

Shares of CDNS opened at $243.21 on Friday. The company has a market cap of $66.67 billion, a P/E ratio of 63.01, a PEG ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a fifty-two week low of $233.72 and a fifty-two week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The firm’s 50 day moving average price is $288.68 and its 200 day moving average price is $285.42.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data 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). The company had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. On average, research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on CDNS shares. Needham & Company LLC reiterated a “buy” rating and issued a $325.00 price objective on shares of Cadence Design Systems in a report on Wednesday, February 19th. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Piper Sandler raised 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. Wells Fargo & Company began coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price on the stock. Finally, Redburn Atlantic started coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 price target for the company. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $326.92.

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.