Aviva PLC Raises Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Aviva PLC lifted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 16.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 560,227 shares of the software maker’s stock after purchasing an additional 79,585 shares during the quarter. Aviva PLC owned 0.20% of Cadence Design Systems worth $168,326,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Avior Wealth Management LLC increased its holdings in Cadence Design Systems by 12.4% in the 4th quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock valued at $98,000 after acquiring an additional 36 shares during the last quarter. Lindbrook Capital LLC lifted its position in shares of Cadence Design Systems by 1.7% in the fourth quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker’s stock worth $670,000 after buying an additional 38 shares in the last quarter. Oarsman Capital Inc. boosted its stake in Cadence Design Systems by 3.8% during the fourth quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker’s stock valued at $313,000 after buying an additional 38 shares during the last quarter. Empower Advisory Group LLC grew its holdings in Cadence Design Systems by 4.9% during the 4th quarter. Empower Advisory Group LLC now owns 875 shares of the software maker’s stock valued at $263,000 after buying an additional 41 shares in the last quarter. Finally, Marcum Wealth LLC increased its stake in Cadence Design Systems by 4.1% in the 4th quarter. Marcum Wealth LLC now owns 1,123 shares of the software maker’s stock worth $337,000 after acquiring an additional 44 shares during the last quarter. 84.85% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on CDNS shares. Needham & Company LLC reiterated a “buy” rating and set a $325.00 target price on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Loop Capital dropped their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Piper Sandler upped their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Finally, Bank of America reduced their price objective on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $324.83.

Cadence Design Systems Stock Performance

CDNS stock opened at $232.88 on Friday. Cadence Design Systems, Inc. has a twelve month low of $230.09 and a twelve month high of $328.99. The firm has a market cap of $63.88 billion, a price-to-earnings ratio of 60.33, a PEG ratio of 3.88 and a beta of 1.05. The business’s fifty day simple moving average is $268.08 and its two-hundred day simple moving average is $283.68. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53.

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

Insider Buying and Selling

In other news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction 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 owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This represents a 62.51 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $292.32, for a total value of $190,008.00. Following the completion of the sale, the vice president now owns 58,773 shares of the company’s stock, valued at $17,180,523.36. The trade was a 1.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 95,101 shares of company stock valued at $29,395,309 over the last quarter. 1.99% of the stock is owned by corporate insiders.

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 logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.