MUFG Securities EMEA plc lifted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) by 113.9% during the fourth quarter, Holdings Channel reports. The firm owned 11,159 shares of the software maker’s stock after purchasing an additional 5,943 shares during the quarter. MUFG Securities EMEA plc’s holdings in Cadence Design Systems were worth $3,488,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of CDNS. Norges Bank acquired a new stake in shares of Cadence Design Systems during the fourth quarter worth $1,352,922,000. Assenagon Asset Management S.A. raised its position in shares of Cadence Design Systems by 120.9% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,124,417 shares of the software maker’s stock worth $351,470,000 after purchasing an additional 615,440 shares during the period. Scge Management L.P. acquired a new stake in shares of Cadence Design Systems during the second quarter worth $187,663,000. Invesco Ltd. raised its position in shares of Cadence Design Systems by 20.4% during the third quarter. Invesco Ltd. now owns 2,942,746 shares of the software maker’s stock worth $1,033,669,000 after purchasing an additional 499,009 shares during the period. Finally, Close Asset Management Ltd raised its position in shares of Cadence Design Systems by 577.5% during the third quarter. Close Asset Management Ltd now owns 566,679 shares of the software maker’s stock worth $199,088,000 after purchasing an additional 483,039 shares during the period. 84.85% of the stock is owned by institutional investors and hedge funds.
Cadence Design Systems Stock Up 10.5%
NASDAQ:CDNS opened at $414.16 on Tuesday. The company has a current ratio of 1.47, a quick ratio of 1.32 and a debt-to-equity ratio of 0.38. Cadence Design Systems, Inc. has a 1-year low of $262.75 and a 1-year high of $414.92. The business’s fifty day moving average price is $323.76 and its 200 day moving average price is $313.36. The firm has a market capitalization of $114.23 billion, a price-to-earnings ratio of 96.54, a PEG ratio of 4.44 and a beta of 1.15.
Insider Buying and Selling
In other Cadence Design Systems news, CEO Anirudh Devgan sold 51,887 shares of the company’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $370.00, for a total value of $19,198,190.00. Following the transaction, the chief executive officer directly owned 303,525 shares of the company’s stock, valued at $112,304,250. This represents a 14.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO John M. Wall sold 21,500 shares of the company’s stock in a transaction dated Thursday, April 16th. The stock was sold at an average price of $309.45, for a total value of $6,653,175.00. Following the completion of the transaction, the chief financial officer directly owned 86,875 shares in the company, valued at approximately $26,883,468.75. The trade was a 19.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 92,138 shares of company stock worth $32,194,760. Insiders own 0.49% of the company’s stock.
Analysts Set New Price Targets
A number of equities research analysts have recently issued reports on CDNS shares. Rosenblatt Securities reaffirmed a “buy” rating and set a $360.00 target price on shares of Cadence Design Systems in a research report on Friday, April 24th. Stifel Nicolaus set a $395.00 price target on Cadence Design Systems in a research report on Wednesday, February 18th. Robert W. Baird upped their price target on Cadence Design Systems from $381.00 to $385.00 and gave the company an “outperform” rating in a research report on Tuesday, April 28th. Berenberg Bank set a $440.00 price target on Cadence Design Systems in a research report on Wednesday, May 27th. Finally, Morgan Stanley dropped their price target on Cadence Design Systems from $385.00 to $370.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 18th. Fourteen analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $384.41.
Get Our Latest Analysis on Cadence Design Systems
About Cadence Design Systems
Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.
The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.
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