Public Sector Pension Investment Board Raises Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Public Sector Pension Investment Board boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 16.3% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 12,098 shares of the software maker’s stock after purchasing an additional 1,700 shares during the period. Public Sector Pension Investment Board’s holdings in Cadence Design Systems were worth $3,279,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Cadence Design Systems by 0.9% during the third 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 worth $1,081,098,000 after acquiring an additional 37,452 shares during the period. Fiduciary Trust Co raised its holdings in shares of Cadence Design Systems by 2.6% during the third quarter. Fiduciary Trust Co now owns 3,131 shares of the software maker’s stock valued at $849,000 after acquiring an additional 80 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Cadence Design Systems by 273.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 200,893 shares of the software maker’s stock valued at $54,448,000 after acquiring an additional 147,079 shares in the last quarter. National Wealth Management Group LLC acquired a new stake in shares of Cadence Design Systems in the third quarter worth approximately $678,000. Finally, CreativeOne Wealth LLC increased its position in shares of Cadence Design Systems by 90.8% during the third quarter. CreativeOne Wealth LLC now owns 6,093 shares of the software maker’s stock worth $1,651,000 after purchasing an additional 2,900 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $273.44, for a total transaction of $177,736.00. Following the completion of the sale, the vice president now owns 61,761 shares in the company, valued at $16,887,927.84. The trade was a 1.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Karna Nisewaner sold 659 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total transaction of $181,870.82. Following the completion of the transaction, the senior vice president now owns 16,029 shares in the company, valued at $4,423,683.42. This represents a 3.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,984 shares of company stock valued at $1,385,056. 0.62% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

CDNS has been the topic of a number of recent research reports. Robert W. Baird boosted their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a research report on Tuesday, August 6th. Loop Capital began coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They set a “buy” rating and a $360.00 target price on the stock. Needham & Company LLC decreased their target price 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. Finally, Mizuho initiated coverage on shares of Cadence Design Systems in a report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price target for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $326.00.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $313.25 on Wednesday. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The stock has a market capitalization of $85.91 billion, a PE ratio of 82.22, a PEG ratio of 4.21 and a beta of 1.03. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The stock has a 50-day simple moving average of $283.44 and a 200-day simple moving average of $284.69.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company’s revenue was up 18.8% on a year-over-year basis. During the same period last year, the business earned $1.01 EPS. On average, analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share 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.