Fmr LLC Raises Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Fmr LLC raised its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 8.7% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,978,652 shares of the software maker’s stock after buying an additional 639,146 shares during the period. Fmr LLC owned about 2.91% of Cadence Design Systems worth $2,397,266,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. raised its position in Cadence Design Systems by 33.0% during the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after purchasing an additional 501,833 shares during the last quarter. HighTower Advisors LLC lifted its stake in Cadence Design Systems by 3.4% in the third quarter. HighTower Advisors LLC now owns 41,916 shares of the software maker’s stock worth $11,388,000 after acquiring an additional 1,393 shares during the period. IHT Wealth Management LLC boosted its holdings in Cadence Design Systems by 41.5% in the third quarter. IHT Wealth Management LLC now owns 1,466 shares of the software maker’s stock valued at $394,000 after acquiring an additional 430 shares in the last quarter. Kovitz Investment Group Partners LLC increased its position in Cadence Design Systems by 99.5% during the 3rd quarter. Kovitz Investment Group Partners LLC now owns 6,894 shares of the software maker’s stock valued at $1,868,000 after purchasing an additional 3,438 shares during the period. Finally, Insigneo Advisory Services LLC boosted its stake in shares of Cadence Design Systems by 3.0% during the 3rd quarter. Insigneo Advisory Services LLC now owns 1,732 shares of the software maker’s stock valued at $469,000 after purchasing an additional 50 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

CDNS stock opened at $232.88 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. 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 $63.88 billion, a P/E ratio of 60.33, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. The stock’s fifty day moving average price is $268.08 and its 200-day moving average price is $283.75.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data 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 return on equity of 29.24% and a net margin of 22.74%. On average, equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Rosenblatt Securities raised their price objective on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Loop Capital lowered their price objective on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Oppenheimer reduced their target price on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research report on Wednesday, March 19th. Bank of America lowered their price target on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $325.00 target price on shares of Cadence Design Systems in a research note on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $324.83.

Insider Activity at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction on 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 $14,689,425.79. This represents a 1.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the sale, the chief executive officer now owns 55,874 shares in the company, valued at $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 95,101 shares of company stock worth $29,395,309. Corporate insiders own 1.99% of the company’s stock.

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.