Principal Securities Inc. Acquires New Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Principal Securities Inc. bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 3,481 shares of the software maker’s stock, valued at approximately $948,000.

A number of other institutional investors have also recently bought and sold shares of the stock. Nordea Investment Management AB lifted its holdings in shares of Cadence Design Systems by 124.8% in the fourth quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after purchasing an additional 1,052,228 shares in the last quarter. Wellington Management Group LLP lifted its stake in Cadence Design Systems by 143.3% in the 3rd quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after acquiring an additional 962,987 shares in the last quarter. Jennison Associates LLC boosted its position in Cadence Design Systems by 8.7% during the 3rd quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock worth $1,651,166,000 after acquiring an additional 564,085 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Cadence Design Systems by 261.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock worth $169,022,000 after acquiring an additional 448,918 shares in the last quarter. Finally, International Assets Investment Management LLC raised its holdings in shares of Cadence Design Systems by 26,060.9% in the fourth quarter. International Assets Investment Management LLC now owns 278,090 shares of the software maker’s stock valued at $757,430,000 after purchasing an additional 277,027 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Stifel Nicolaus raised their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research report on Tuesday, February 13th. Needham & Company LLC reiterated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a report on Friday, April 19th. Robert W. Baird raised their price target on Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research note on Thursday, April 18th. Wells Fargo & Company upped their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th. Finally, Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Monday, April 22nd. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average price target of $326.11.

Get Our Latest Stock Report on CDNS

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $165,216.00. Following the transaction, the senior vice president now directly owns 20,480 shares of the company’s stock, valued at approximately $5,639,372.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, VP Thomas P. Beckley sold 65,268 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the sale, the vice president now directly owns 156,156 shares in the company, valued at $46,375,208.88. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $165,216.00. Following the transaction, the senior vice president now owns 20,480 shares in the company, valued at approximately $5,639,372.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 173,066 shares of company stock worth $52,199,975. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Up 0.2 %

CDNS stock opened at $288.00 on Monday. The business’s 50 day simple moving average is $300.03 and its 200 day simple moving average is $283.86. Cadence Design Systems, Inc. has a 1-year low of $198.92 and a 1-year high of $327.36. The firm has a market capitalization of $78.37 billion, a PE ratio of 74.86, a PEG ratio of 3.38 and a beta of 1.06. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) last issued its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.04. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company’s revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.02 earnings per share. As a group, research analysts anticipate that Cadence Design Systems, Inc. will post 4.78 EPS for the current year.

About Cadence Design Systems

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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