Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by Harvest Fund Management Co. Ltd

Harvest Fund Management Co. Ltd increased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 68.9% during the 4th quarter, HoldingsChannel.com reports. The firm owned 22,446 shares of the software maker’s stock after purchasing an additional 9,154 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Cadence Design Systems were worth $6,755,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in CDNS. Swedbank AB lifted its stake in Cadence Design Systems by 15.1% during the third quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock worth $475,336,000 after purchasing an additional 230,672 shares during the last quarter. Principal Financial Group Inc. lifted 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 last quarter. OneDigital Investment Advisors LLC lifted its stake in Cadence Design Systems by 63.5% during the third quarter. OneDigital Investment Advisors LLC now owns 3,477 shares of the software maker’s stock worth $942,000 after purchasing an additional 1,350 shares during the last quarter. Empowered Funds LLC lifted its stake in Cadence Design Systems by 13.3% in the third quarter. Empowered Funds LLC now owns 12,974 shares of the software maker’s stock valued at $3,516,000 after buying an additional 1,526 shares during the last quarter. Finally, Quest Partners LLC lifted its stake in Cadence Design Systems by 47.7% in the third quarter. Quest Partners LLC now owns 3,242 shares of the software maker’s stock valued at $879,000 after buying an additional 1,047 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Redburn Atlantic assumed coverage on Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 target price on the stock. Robert W. Baird cut their target price on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research note on Thursday, February 20th. Rosenblatt Securities raised their target price on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Bank of America cut their price objective on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Finally, Loop Capital cut their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $326.92.

Cadence Design Systems Trading Down 0.5 %

Shares of CDNS opened at $253.88 on Wednesday. The business’s 50-day moving average price is $280.50 and its 200 day moving average price is $284.19. The stock has a market capitalization of $69.59 billion, a P/E ratio of 65.77, a P/E/G ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 1-year low of $230.09 and a 1-year high of $328.99. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 EPS 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 for the quarter, compared to analyst estimates of $1.35 billion. Analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction dated 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 in the company, valued at $17,320,940. The trade was a 62.51 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total value of $198,146.00. Following the sale, the vice president now owns 59,311 shares of the company’s stock, valued at approximately $18,080,365.24. This represents a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 101,021 shares of company stock worth $31,229,155. 1.99% of the stock is currently owned by company insiders.

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.