Slow Capital Inc. Grows Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Slow Capital Inc. grew its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.7% during the 4th quarter, Holdings Channel.com reports. The firm owned 9,515 shares of the software maker’s stock after purchasing an additional 66 shares during the period. Slow Capital Inc.’s holdings in Cadence Design Systems were worth $2,592,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. State Street Corp grew its position in Cadence Design Systems by 3.1% during the 1st quarter. State Street Corp now owns 11,406,581 shares of the software maker’s stock worth $2,396,402,000 after purchasing an additional 344,518 shares during the period. Jennison Associates LLC grew 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 purchasing an additional 564,085 shares during the period. Geode Capital Management LLC grew its position in Cadence Design Systems by 1.7% during the 1st quarter. Geode Capital Management LLC now owns 6,188,531 shares of the software maker’s stock worth $1,297,925,000 after purchasing an additional 103,213 shares during the period. Norges Bank acquired a new stake in Cadence Design Systems during the 4th quarter worth about $770,945,000. Finally, Northern Trust Corp grew its position in Cadence Design Systems by 5.6% during the 3rd quarter. Northern Trust Corp now owns 2,995,849 shares of the software maker’s stock worth $701,927,000 after purchasing an additional 158,031 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CDNS has been the topic of several analyst reports. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $260.00 to $350.00 in a research report on Wednesday, February 14th. Wells Fargo & Company increased their price target on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday. KeyCorp increased their target price on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research note on Monday. Needham & Company LLC reissued a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research note on Wednesday, March 6th. Finally, Stifel Nicolaus increased their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, February 13th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $316.10.

Cadence Design Systems Price Performance

Cadence Design Systems stock traded down $6.01 during midday trading on Wednesday, reaching $294.80. The company had a trading volume of 476,838 shares, compared to its average volume of 1,466,782. The company has a market capitalization of $80.26 billion, a P/E ratio of 78.75, a P/E/G ratio of 3.66 and a beta of 1.04. Cadence Design Systems, Inc. has a 12-month low of $194.01 and a 12-month high of $327.36. The firm’s fifty day simple moving average is $306.73 and its 200-day simple moving average is $279.25. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.05. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The firm had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same period last year, the company posted $0.75 EPS. Cadence Design Systems’s quarterly revenue was up 18.8% compared to the same quarter last year. As a group, equities analysts anticipate that Cadence Design Systems, Inc. will post 4.82 EPS for the current year.

Insiders Place Their Bets

In other Cadence Design Systems news, Director James D. Plummer sold 2,412 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $315.40, for a total value of $760,744.80. Following the transaction, the director now directly owns 22,923 shares of the company’s stock, valued at approximately $7,229,914.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director James D. Plummer sold 2,412 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $315.40, for a total transaction of $760,744.80. Following the completion of the sale, the director now owns 22,923 shares in the company, valued at approximately $7,229,914.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Thomas P. Beckley sold 65,268 shares of the firm’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 transaction of $19,383,290.64. Following the sale, the vice president now owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. Insiders have sold 212,044 shares of company stock valued at $63,106,522 in the last ninety days. 0.62% of the stock is currently 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.