AustralianSuper Pty Ltd Raises Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

AustralianSuper Pty Ltd grew its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2,353.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 406,682 shares of the software maker’s stock after buying an additional 390,104 shares during the period. AustralianSuper Pty Ltd’s holdings in Cadence Design Systems were worth $122,192,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. V Square Quantitative Management LLC raised its stake in shares of Cadence Design Systems by 13.3% during the 4th quarter. V Square Quantitative Management LLC now owns 9,410 shares of the software maker’s stock valued at $2,827,000 after purchasing an additional 1,102 shares during the period. Compagnie Lombard Odier SCmA raised its stake in shares of Cadence Design Systems by 482.5% during the 4th quarter. Compagnie Lombard Odier SCmA now owns 1,701 shares of the software maker’s stock valued at $511,000 after purchasing an additional 1,409 shares during the period. Vontobel Holding Ltd. raised its stake in shares of Cadence Design Systems by 12.9% during the 4th quarter. Vontobel Holding Ltd. now owns 258,125 shares of the software maker’s stock valued at $77,556,000 after purchasing an additional 29,528 shares during the period. Catalyst Financial Partners LLC raised its stake in shares of Cadence Design Systems by 6.7% during the 4th quarter. Catalyst Financial Partners LLC now owns 1,144 shares of the software maker’s stock valued at $344,000 after purchasing an additional 72 shares during the period. Finally, Avestar Capital LLC raised its stake in shares of Cadence Design Systems by 26.7% during the 4th quarter. Avestar Capital LLC now owns 2,252 shares of the software maker’s stock valued at $677,000 after purchasing an additional 475 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Needham & Company LLC decreased their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Loop Capital assumed coverage on Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 target price on the stock. Robert W. Baird upped their target price on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Finally, Redburn Atlantic assumed coverage on Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $326.08.

Insider Activity

In other news, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $16,987,930.96. This represents a 9.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $306.19, for a total value of $199,023.50. Following the transaction, the vice president now owns 60,461 shares in the company, valued at $18,512,553.59. This trade represents a 1.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 108,416 shares of company stock worth $33,538,875. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $295.19 on Friday. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $80.96 billion, a PE ratio of 77.48, a price-to-earnings-growth ratio of 3.50 and a beta of 1.03. The business’s 50-day moving average price is $303.55 and its 200-day moving average price is $285.94. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99.

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.