Kentucky Retirement Systems bought a new stake in Cadence Design Systems Inc (NASDAQ:CDNS) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 12,273 shares of the software maker’s stock, valued at approximately $534,000.
Several other hedge funds also recently bought and sold shares of CDNS. Vanguard Group Inc lifted its stake in shares of Cadence Design Systems by 1.0% in the 3rd quarter. Vanguard Group Inc now owns 32,476,936 shares of the software maker’s stock valued at $1,471,854,000 after acquiring an additional 324,296 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in Cadence Design Systems by 1.2% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 22,865,053 shares of the software maker’s stock valued at $994,172,000 after purchasing an additional 272,342 shares during the last quarter. Parnassus Investments CA raised its position in Cadence Design Systems by 13.4% during the 4th quarter. Parnassus Investments CA now owns 14,392,128 shares of the software maker’s stock valued at $625,770,000 after purchasing an additional 1,697,043 shares during the last quarter. Geode Capital Management LLC raised its position in Cadence Design Systems by 5.5% during the 4th quarter. Geode Capital Management LLC now owns 4,535,500 shares of the software maker’s stock valued at $196,926,000 after purchasing an additional 235,512 shares during the last quarter. Finally, Northern Trust Corp raised its position in Cadence Design Systems by 3.6% during the 4th quarter. Northern Trust Corp now owns 3,403,417 shares of the software maker’s stock valued at $147,980,000 after purchasing an additional 117,103 shares during the last quarter. Institutional investors own 87.65% of the company’s stock.
Cadence Design Systems stock traded up $0.95 during trading on Wednesday, reaching $67.65. The company had a trading volume of 2,680,547 shares, compared to its average volume of 1,997,382. Cadence Design Systems Inc has a 52 week low of $38.58 and a 52 week high of $69.69. The stock has a market cap of $17.88 billion, a P/E ratio of 55.00, a P/E/G ratio of 3.77 and a beta of 1.11. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.30 and a current ratio of 1.34.
A number of research analysts have commented on CDNS shares. Needham & Company LLC upped their price target on Cadence Design Systems to $60.00 and gave the company a “buy” rating in a research report on Wednesday, February 20th. DA Davidson upped their target price on Cadence Design Systems to $62.00 and gave the stock a “buy” rating in a report on Wednesday, February 20th. BidaskClub upgraded Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Tuesday, February 5th. Zacks Investment Research downgraded Cadence Design Systems from a “strong-buy” rating to a “hold” rating in a report on Monday, December 31st. Finally, Royal Bank of Canada upped their price target on Cadence Design Systems to $73.00 and gave the stock an “outperform” rating in a research note on Tuesday. Four analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $59.44.
In related news, insider Aneel Zaman sold 66,808 shares of Cadence Design Systems stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $61.77, for a total value of $4,126,730.16. Following the completion of the transaction, the insider now owns 285,961 shares in the company, valued at $17,663,810.97. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Lip Bu Tan sold 100,000 shares of Cadence Design Systems stock in a transaction dated Thursday, January 31st. The stock was sold at an average price of $48.05, for a total value of $4,805,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 392,227 shares of company stock valued at $21,982,062. Company insiders own 2.34% of the company’s stock.
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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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.
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