Principal Financial Group Inc. Increases Stock Holdings in Cadence Design Systems, Inc. $CDNS

Principal Financial Group Inc. increased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.1% in the 3rd quarter, Holdings Channel.com reports. The firm owned 2,301,781 shares of the software maker’s stock after acquiring an additional 110,794 shares during the quarter. Principal Financial Group Inc.’s holdings in Cadence Design Systems were worth $808,530,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of CDNS. Brighton Jones LLC increased its holdings in shares of Cadence Design Systems by 80.2% during the 4th quarter. Brighton Jones LLC now owns 1,519 shares of the software maker’s stock worth $456,000 after buying an additional 676 shares during the last quarter. Integrated Wealth Concepts LLC grew its holdings in shares of Cadence Design Systems by 3.8% during the 1st quarter. Integrated Wealth Concepts LLC now owns 2,203 shares of the software maker’s stock worth $560,000 after purchasing an additional 80 shares during the period. Pure Financial Advisors LLC acquired a new stake in shares of Cadence Design Systems during the 2nd quarter worth about $250,000. ASR Vermogensbeheer N.V. raised its holdings in Cadence Design Systems by 25.0% in the 2nd quarter. ASR Vermogensbeheer N.V. now owns 19,292 shares of the software maker’s stock valued at $5,944,000 after buying an additional 3,864 shares during the period. Finally, Ameritas Advisory Services LLC purchased a new stake in Cadence Design Systems in the 2nd quarter valued at about $66,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Cadence Design Systems news, VP Paul Scannell sold 5,490 shares of the stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $339.43, for a total value of $1,863,470.70. Following the sale, the vice president directly owned 20,321 shares of the company’s stock, valued at approximately $6,897,557.03. This represents a 21.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Ita M. Brennan sold 180 shares of the firm’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $337.48, for a total transaction of $60,746.40. Following the completion of the sale, the director owned 7,650 shares in the company, valued at $2,581,722. The trade was a 2.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 62,025 shares of company stock valued at $20,369,946. 1.99% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

CDNS has been the subject of several research analyst reports. Rosenblatt Securities increased their target price on shares of Cadence Design Systems from $320.00 to $335.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 28th. KeyCorp reaffirmed an “overweight” rating and set a $405.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 28th. Citigroup started coverage on Cadence Design Systems in a research note on Monday, November 24th. They issued a “buy” rating and a $385.00 price objective for the company. Robert W. Baird raised their target price on Cadence Design Systems from $390.00 to $418.00 and gave the company an “outperform” rating in a report on Tuesday, October 28th. Finally, Wells Fargo & Company boosted their price target on shares of Cadence Design Systems from $405.00 to $410.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 28th. Thirteen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $379.59.

Cadence Design Systems Trading Down 2.1%

CDNS opened at $296.36 on Friday. The business has a fifty day moving average price of $317.89 and a 200 day moving average price of $333.02. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.05 and a quick ratio of 2.84. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $376.45. The stock has a market capitalization of $80.67 billion, a price-to-earnings ratio of 76.38, a PEG ratio of 3.38 and a beta of 1.02.

Cadence Design Systems Profile

Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.