Nuveen Asset Management LLC Raises Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Nuveen Asset Management LLC increased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,080,928 shares of the software maker’s stock after buying an additional 69,456 shares during the quarter. Nuveen Asset Management LLC’s holdings in Cadence Design Systems were worth $324,776,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in CDNS. OMERS ADMINISTRATION Corp lifted its holdings in shares of Cadence Design Systems by 20.8% during the 4th quarter. OMERS ADMINISTRATION Corp now owns 11,413 shares of the software maker’s stock worth $3,429,000 after acquiring an additional 1,966 shares during the period. Maytus Capital Management LLC purchased a new position in Cadence Design Systems during the fourth quarter worth approximately $4,957,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Cadence Design Systems by 4.2% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 323,107 shares of the software maker’s stock worth $97,092,000 after purchasing an additional 12,991 shares during the period. MJP Associates Inc. ADV raised its stake in Cadence Design Systems by 6.3% during the fourth quarter. MJP Associates Inc. ADV now owns 2,733 shares of the software maker’s stock worth $821,000 after purchasing an additional 163 shares during the period. Finally, Mmbg Investment Advisors CO. raised its stake in Cadence Design Systems by 28.3% during the fourth quarter. Mmbg Investment Advisors CO. now owns 2,493 shares of the software maker’s stock worth $749,000 after purchasing an additional 550 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS opened at $319.39 on Thursday. The company has a market cap of $87.21 billion, a P/E ratio of 82.74, a PEG ratio of 3.88 and a beta of 1.04. The business’s 50-day simple moving average is $268.71 and its 200 day simple moving average is $285.84. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $328.99. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter in the previous year, the firm posted $1.17 EPS. The firm’s quarterly revenue was up 23.1% on a year-over-year basis. On average, sell-side analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $325.00 target price on shares of Cadence Design Systems in a research report on Tuesday. Robert W. Baird raised their price objective on Cadence Design Systems from $293.00 to $325.00 and gave the stock an “outperform” rating in a report on Tuesday, April 29th. JPMorgan Chase & Co. upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $300.00 to $325.00 in a report on Thursday, April 24th. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Finally, Piper Sandler raised their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus target price of $322.54.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Scannell sold 4,710 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the sale, the vice president now directly owns 28,442 shares in the company, valued at $8,532,600. The trade was a 14.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the sale, the vice president now owns 58,123 shares in the company, valued at $14,689,425.79. This represents a 1.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 17,577 shares of company stock valued at $5,316,411. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Company 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.