Keystone Investors PTE Ltd. Makes New Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Keystone Investors PTE Ltd. 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 12,746 shares of the software maker’s stock, valued at approximately $3,830,000.

Other large investors have also recently bought and sold shares of the company. Golden State Wealth Management LLC bought a new stake in Cadence Design Systems during the 4th quarter worth approximately $28,000. Avalon Trust Co acquired a new stake in Cadence Design Systems in the fourth quarter valued at $39,000. Versant Capital Management Inc raised its position in Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after purchasing an additional 87 shares during the last quarter. Prestige Wealth Management Group LLC lifted its holdings in Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after buying an additional 60 shares during the period. Finally, OFI Invest Asset Management bought a new stake in shares of Cadence Design Systems in the 4th quarter valued at about $46,000. 84.85% of the stock is currently owned by institutional investors.

Insider Activity at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total transaction of $198,146.00. Following the completion of the transaction, the vice president now owns 59,311 shares in the company, valued at approximately $18,080,365.24. This represents a 1.08 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Anirudh Devgan sold 5,920 shares of Cadence Design Systems stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total value of $1,799,916.80. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $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 quarter, insiders have sold 101,021 shares of company stock worth $31,229,155. Insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

CDNS has been the subject of several analyst reports. Robert W. Baird lowered their price target on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. Needham & Company LLC reaffirmed a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Piper Sandler increased their price target on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. Redburn Atlantic began coverage on Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective on the stock. Finally, Mizuho lifted their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus target price of $324.83.

Cadence Design Systems Trading Up 1.8 %

Shares of Cadence Design Systems stock opened at $267.15 on Tuesday. The firm has a market cap of $73.23 billion, a PE ratio of 69.21, 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 debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The stock has a fifty day moving average price of $277.50 and a 200-day moving average price of $284.31.

Cadence Design Systems (NASDAQ:CDNS) last posted 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 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%. Equities research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Cadence Design Systems 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.