Premier Fund Managers Ltd Purchases 34,281 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Premier Fund Managers Ltd raised its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 109.3% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 65,637 shares of the software maker’s stock after acquiring an additional 34,281 shares during the quarter. Premier Fund Managers Ltd’s holdings in Cadence Design Systems were worth $19,813,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Avior Wealth Management LLC raised its stake in shares of Cadence Design Systems by 12.4% in the fourth quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock valued at $98,000 after acquiring an additional 36 shares during the last quarter. Lindbrook Capital LLC lifted its stake in shares of Cadence Design Systems by 1.7% during the 4th quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker’s stock worth $670,000 after buying an additional 38 shares during the last quarter. Empower Advisory Group LLC increased its holdings in Cadence Design Systems by 4.9% in the 4th quarter. Empower Advisory Group LLC now owns 875 shares of the software maker’s stock valued at $263,000 after buying an additional 41 shares during the period. Marcum Wealth LLC raised its stake in shares of Cadence Design Systems by 4.1% during the fourth quarter. Marcum Wealth LLC now owns 1,123 shares of the software maker’s stock valued at $337,000 after acquiring an additional 44 shares during the last quarter. Finally, CX Institutional boosted its position in shares of Cadence Design Systems by 2.6% during the 4th quarter. CX Institutional now owns 1,791 shares of the software maker’s stock valued at $538,000 after purchasing an additional 46 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on CDNS. Robert W. Baird lowered their price target on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a report on Thursday, February 20th. Oppenheimer lowered their target price on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a report on Wednesday, March 19th. Piper Sandler raised their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. Rosenblatt Securities raised their price target on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Finally, Mizuho raised their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average target price of $324.83.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 5,920 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the transaction, the chief executive officer now owns 55,874 shares of the company’s stock, valued at $16,987,930.96. The trade was a 9.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total value of $190,008.00. Following the completion of the transaction, the vice president now directly owns 58,773 shares in the company, valued at $17,180,523.36. The trade was a 1.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 101,021 shares of company stock worth $31,229,155 in the last ninety days. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Down 0.3 %

CDNS opened at $262.54 on Friday. 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 company has a market capitalization of $71.96 billion, a PE ratio of 68.02, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a fifty-two week low of $230.09 and a fifty-two week high of $328.99. The business has a 50-day moving average of $275.52 and a 200-day moving average of $284.16.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results 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). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

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.