Adage Capital Partners GP L.L.C. Has $77.04 Million Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Adage Capital Partners GP L.L.C. lowered its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.7% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 256,400 shares of the software maker’s stock after selling 1,700 shares during the period. Adage Capital Partners GP L.L.C. owned about 0.09% of Cadence Design Systems worth $77,038,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of CDNS. Norges Bank acquired a new stake in shares of Cadence Design Systems in the 4th quarter valued at approximately $1,170,209,000. Schroder Investment Management Group raised its holdings in Cadence Design Systems by 53.1% in the 4th quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker’s stock valued at $623,105,000 after buying an additional 716,041 shares during the last quarter. FMR LLC raised its stake in shares of Cadence Design Systems by 8.7% during the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock valued at $2,397,266,000 after acquiring an additional 639,146 shares during the last quarter. Alliancebernstein L.P. raised its position in Cadence Design Systems by 12.5% during the 4th quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker’s stock worth $1,705,469,000 after purchasing an additional 632,175 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Cadence Design Systems by 25.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,937,675 shares of the software maker’s stock worth $882,655,000 after acquiring an additional 601,834 shares during the period. 84.85% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CDNS. Needham & Company LLC restated a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a report on Wednesday, February 19th. Piper Sandler upped their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Mizuho lowered their price objective on Cadence Design Systems from $350.00 to $300.00 and set an “outperform” rating for the company in a research report on Tuesday, April 15th. Redburn Atlantic initiated coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 target price on the stock. Finally, Rosenblatt Securities lifted their target price on Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $320.67.

Cadence Design Systems Price Performance

Shares of CDNS opened at $265.42 on Thursday. The business’s fifty day moving average is $255.02 and its 200 day moving average is $281.85. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month 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 stock has a market cap of $72.81 billion, a P/E ratio of 68.76, a P/E/G ratio of 3.88 and a beta of 1.14.

Cadence Design Systems (NASDAQ:CDNS) last released 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 business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. Sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total transaction of $164,216.00. Following the transaction, the vice president now directly owns 108,799 shares in the company, valued at approximately $27,486,979.36. This trade represents a 0.59 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders sold 1,950 shares of company stock worth $518,499. Insiders own 1.99% of the company’s stock.

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.