Xponance Inc. Purchases 4,048 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Xponance Inc. grew its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 73,879 shares of the software maker’s stock after purchasing an additional 4,048 shares during the period. Xponance Inc.’s holdings in Cadence Design Systems were worth $20,122,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. State Street Corp raised its holdings in Cadence Design Systems by 3.1% during the first quarter. State Street Corp now owns 11,406,581 shares of the software maker’s stock worth $2,396,402,000 after acquiring an additional 344,518 shares in the last quarter. Jennison Associates LLC raised its holdings in Cadence Design Systems by 8.7% during the third quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock worth $1,651,166,000 after acquiring an additional 564,085 shares in the last quarter. Geode Capital Management LLC raised its holdings in Cadence Design Systems by 1.7% during the first quarter. Geode Capital Management LLC now owns 6,188,531 shares of the software maker’s stock worth $1,297,925,000 after acquiring an additional 103,213 shares in the last quarter. Norges Bank bought a new stake in Cadence Design Systems during the fourth quarter worth about $770,945,000. Finally, Northern Trust Corp raised its holdings in Cadence Design Systems by 5.6% during the third quarter. Northern Trust Corp now owns 2,995,849 shares of the software maker’s stock worth $701,927,000 after acquiring an additional 158,031 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on CDNS shares. Stifel Nicolaus upped their target price on Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday, February 13th. Needham & Company LLC reissued a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Wednesday, March 6th. KeyCorp boosted their price target on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Monday. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $260.00 to $350.00 in a research report on Wednesday, February 14th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $318.10.

Insider Activity at Cadence Design Systems

In other news, VP Aneel Zaman sold 1,207 shares of the stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $366,807.30. Following the completion of the transaction, the vice president now directly owns 61,150 shares in the company, valued at approximately $18,583,485. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Anirudh Devgan sold 1,454 shares of the stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $441,870.60. Following the completion of the sale, the chief executive officer now directly owns 136,455 shares in the company, valued at $41,468,674.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Aneel Zaman sold 1,207 shares of the stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $366,807.30. Following the completion of the sale, the vice president now owns 61,150 shares of the company’s stock, valued at $18,583,485. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 177,544 shares of company stock worth $53,581,207. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock traded down $7.81 on Thursday, hitting $285.90. The stock had a trading volume of 2,692,228 shares, compared to its average volume of 1,492,031. Cadence Design Systems, Inc. has a twelve month low of $194.01 and a twelve month high of $327.36. The business’s 50 day moving average is $306.58 and its two-hundred day moving average is $279.35. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09. The stock has a market cap of $77.83 billion, a price-to-earnings ratio of 76.89, a price-to-earnings-growth ratio of 3.65 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, February 12th. The software maker reported $1.38 EPS for the quarter, beating the consensus estimate of $1.33 by $0.05. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The company had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter in the prior year, the business earned $0.75 earnings per share. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. Analysts forecast that Cadence Design Systems, Inc. will post 4.82 EPS for the current 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.