Mizuho Securities USA LLC Acquires 8,238 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Mizuho Securities USA LLC increased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 46.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 25,994 shares of the software maker’s stock after purchasing an additional 8,238 shares during the quarter. Mizuho Securities USA LLC’s holdings in Cadence Design Systems were worth $7,810,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of CDNS. ZEGA Investments LLC bought a new position in shares of Cadence Design Systems during the fourth quarter worth about $328,000. iA Global Asset Management Inc. increased its position in Cadence Design Systems by 78.7% during the 4th quarter. iA Global Asset Management Inc. now owns 57,006 shares of the software maker’s stock valued at $17,128,000 after purchasing an additional 25,108 shares during the period. Teacher Retirement System of Texas raised its holdings in Cadence Design Systems by 40.4% during the 4th quarter. Teacher Retirement System of Texas now owns 31,147 shares of the software maker’s stock worth $9,358,000 after purchasing an additional 8,965 shares during the last quarter. Royal London Asset Management Ltd. lifted its position in shares of Cadence Design Systems by 5.2% in the 4th quarter. Royal London Asset Management Ltd. now owns 155,873 shares of the software maker’s stock worth $46,834,000 after purchasing an additional 7,766 shares during the period. Finally, Harvest Fund Management Co. Ltd boosted its stake in shares of Cadence Design Systems by 68.9% in the 4th quarter. Harvest Fund Management Co. Ltd now owns 22,446 shares of the software maker’s stock valued at $6,755,000 after purchasing an additional 9,154 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the sale, the vice president now directly owns 58,123 shares of the company’s stock, valued at approximately $14,689,425.79. This represents a 1.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. This represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 101,021 shares of company stock valued at $31,229,155 over the last 90 days. Insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on CDNS shares. Redburn Atlantic started coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 target price on the stock. Rosenblatt Securities upped their target price on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Piper Sandler boosted their price target on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. Finally, Oppenheimer reduced their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research report on Wednesday. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $324.83.

Cadence Design Systems Stock Performance

CDNS opened at $262.42 on Friday. Cadence Design Systems, Inc. has a 1-year low of $230.09 and a 1-year high of $328.99. The company has a market cap of $71.93 billion, a price-to-earnings ratio of 67.98, a PEG ratio of 3.88 and a beta of 1.05. The company’s fifty day moving average price is $278.01 and its two-hundred day moving average price is $283.98. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing the consensus estimate of $1.82 by ($0.33). The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. On average, analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

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.