Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by American International Group Inc.

American International Group Inc. grew its position in Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report) by 1.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 105,804 shares of the software maker’s stock after purchasing an additional 1,169 shares during the period. American International Group Inc.’s holdings in Cadence Design Systems were worth $28,818,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Norges Bank acquired a new stake in Cadence Design Systems during the 4th quarter worth about $1,141,059,000. Northern Trust Corp increased its stake in Cadence Design Systems by 5.6% during the 3rd quarter. Northern Trust Corp now owns 2,995,849 shares of the software maker’s stock worth $701,927,000 after buying an additional 158,031 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Cadence Design Systems by 4.9% during the third quarter. Invesco Ltd. now owns 2,012,292 shares of the software maker’s stock valued at $471,480,000 after acquiring an additional 93,984 shares during the last quarter. Nordea Investment Management AB lifted its position in shares of Cadence Design Systems by 124.8% in the fourth quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after acquiring an additional 1,052,228 shares in the last quarter. Finally, Wellington Management Group LLP boosted its stake in shares of Cadence Design Systems by 143.3% in the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock worth $383,062,000 after acquiring an additional 962,987 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cadence Design Systems

In related news, VP Aneel Zaman sold 23,592 shares of the stock in a transaction on Monday, March 18th. The shares were sold at an average price of $302.52, for a total value of $7,137,051.84. Following the transaction, the vice president now directly owns 24,499 shares of the company’s stock, valued at approximately $7,411,437.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total value of $165,216.00. Following the completion of the sale, the senior vice president now directly owns 20,480 shares of the company’s stock, valued at $5,639,372.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Aneel Zaman sold 23,592 shares of the business’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $302.52, for a total value of $7,137,051.84. Following the completion of the transaction, the vice president now owns 24,499 shares in the company, valued at approximately $7,411,437.48. The disclosure for this sale can be found here. Insiders have sold 133,459 shares of company stock worth $40,344,198 over the last three months. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Up 1.5 %

NASDAQ:CDNS traded up $4.56 during trading hours on Friday, reaching $312.10. 1,428,109 shares of the stock were exchanged, compared to its average volume of 1,439,657. Cadence Design Systems, Inc. has a twelve month low of $217.77 and a twelve month high of $327.36. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The business has a 50-day moving average of $291.45 and a two-hundred day moving average of $290.39. The company has a market capitalization of $85.02 billion, a price-to-earnings ratio of 81.28, a PEG ratio of 3.82 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) last issued its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same quarter last year, the company earned $1.02 earnings per share. The firm’s revenue was down 1.2% compared to the same quarter last year. On average, equities analysts predict that Cadence Design Systems, Inc. will post 4.77 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a report on Friday, May 17th. Robert W. Baird increased their price objective on shares of Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a report on Thursday, April 18th. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Piper Sandler reduced their price objective on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 23rd. Finally, Wells Fargo & Company upped their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $331.11.

Get Our Latest Analysis on Cadence Design Systems

Cadence Design Systems Profile

(Free Report)

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.

Featured Articles

Want to see what other hedge funds are holding CDNS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report).

Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

Receive News & Ratings for Cadence Design Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems and related companies with MarketBeat.com's FREE daily email newsletter.