Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Robocap Asset Management Ltd

Robocap Asset Management Ltd raised its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 30.1% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 21,003 shares of the software maker’s stock after buying an additional 4,861 shares during the quarter. Cadence Design Systems makes up approximately 4.2% of Robocap Asset Management Ltd’s investment portfolio, making the stock its 13th largest position. Robocap Asset Management Ltd’s holdings in Cadence Design Systems were worth $6,311,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of CDNS. State Street Corp increased its position in Cadence Design Systems by 0.5% during the third quarter. State Street Corp now owns 11,922,747 shares of the software maker’s stock worth $3,231,422,000 after purchasing an additional 60,490 shares during the last quarter. Jennison Associates LLC increased its holdings in shares of Cadence Design Systems by 5.3% during the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock worth $2,406,760,000 after buying an additional 404,076 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Cadence Design Systems by 0.9% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,988,851 shares of the software maker’s stock valued at $1,081,098,000 after buying an additional 37,452 shares during the period. Nordea Investment Management AB lifted its holdings in Cadence Design Systems by 6.5% in the fourth quarter. Nordea Investment Management AB now owns 2,933,392 shares of the software maker’s stock valued at $885,356,000 after acquiring an additional 178,212 shares during the last quarter. Finally, Van ECK Associates Corp grew its position in Cadence Design Systems by 26.1% in the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock worth $689,472,000 after acquiring an additional 572,251 shares during the period. 84.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CDNS has been the topic of several recent analyst reports. Loop Capital started coverage on Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 price target on the stock. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Needham & Company LLC decreased their price objective on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Wells Fargo & Company began coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price for the company. Finally, Mizuho raised their price target on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $329.50.

Insiders Place Their Bets

In other news, CEO Anirudh Devgan sold 5,920 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total value of $1,799,916.80. Following the completion of the transaction, the chief executive officer now owns 55,874 shares in the company, valued at approximately $16,987,930.96. This represents a 9.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total transaction of $190,008.00. Following the sale, the vice president now owns 58,773 shares in the company, valued at $17,180,523.36. This represents a 1.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 108,416 shares of company stock valued at $33,538,875 in the last ninety days. Insiders own 0.62% of the company’s stock.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $299.68 on Friday. The stock has a market cap of $82.19 billion, a P/E ratio of 78.66, a price-to-earnings-growth ratio of 3.42 and a beta of 1.03. The company has a fifty day simple moving average of $304.73 and a 200-day simple moving average of $284.93. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99.

About Cadence Design Systems

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.