Sands Capital Management LLC Has $874,000 Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sands Capital Management LLC boosted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report) by 31.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,208 shares of the software maker’s stock after buying an additional 772 shares during the period. Sands Capital Management LLC’s holdings in Cadence Design Systems were worth $874,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the business. Campbell & CO Investment Adviser LLC raised its holdings in Cadence Design Systems by 56.6% in the fourth quarter. Campbell & CO Investment Adviser LLC now owns 4,096 shares of the software maker’s stock worth $1,116,000 after purchasing an additional 1,481 shares during the period. APG Asset Management US Inc. acquired a new stake in Cadence Design Systems in the fourth quarter worth $14,837,000. California State Teachers Retirement System raised its holdings in Cadence Design Systems by 0.9% in the fourth quarter. California State Teachers Retirement System now owns 434,760 shares of the software maker’s stock worth $118,416,000 after purchasing an additional 3,873 shares during the period. Martin Currie Ltd. acquired a new stake in Cadence Design Systems in the fourth quarter worth $57,194,000. Finally, Oak Grove Capital LLC raised its holdings in Cadence Design Systems by 33.3% in the fourth quarter. Oak Grove Capital LLC now owns 1,200 shares of the software maker’s stock worth $327,000 after purchasing an additional 300 shares during the period. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Wells Fargo & Company increased their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research report on Friday, May 17th. Piper Sandler cut their price objective on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 23rd. Finally, Stifel Nicolaus boosted their price objective 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. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $331.11.

View Our Latest Research Report on Cadence Design Systems

Cadence Design Systems Stock Down 1.6 %

CDNS stock traded down $4.44 during midday trading on Monday, hitting $281.87. The company’s stock had a trading volume of 504,675 shares, compared to its average volume of 1,540,405. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. Cadence Design Systems, Inc. has a twelve month low of $217.77 and a twelve month high of $327.36. The company’s fifty day moving average price is $293.88 and its 200 day moving average price is $288.50. The stock has a market capitalization of $76.71 billion, a P/E ratio of 74.56, a PEG ratio of 3.50 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) last issued its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. During the same period in the previous year, the business earned $1.02 EPS. The company’s revenue was down 1.2% compared to the same quarter last year. As a group, equities research analysts predict that Cadence Design Systems, Inc. will post 4.77 EPS for the current year.

Insider Transactions at Cadence Design Systems

In other news, VP Aneel Zaman sold 23,592 shares of the business’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $302.52, for a total transaction of $7,137,051.84. Following the transaction, the vice president now directly owns 24,499 shares in the company, valued at approximately $7,411,437.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $186,276.00. Following the transaction, the senior vice president now directly owns 21,080 shares in the company, valued at approximately $6,544,496.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Aneel Zaman sold 23,592 shares of the business’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $302.52, for a total transaction of $7,137,051.84. Following the transaction, the vice president now owns 24,499 shares in the company, valued at $7,411,437.48. The disclosure for this sale can be found here. Insiders have sold 103,937 shares of company stock worth $31,631,416 in the last ninety days. Insiders own 0.62% of the company’s stock.

Cadence Design Systems Company Profile

(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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