Handelsbanken Fonder AB Sells 3,330 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Handelsbanken Fonder AB trimmed its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.7% during the fourth quarter, Holdings Channel.com reports. The fund owned 86,070 shares of the software maker’s stock after selling 3,330 shares during the quarter. Handelsbanken Fonder AB’s holdings in Cadence Design Systems were worth $25,861,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in CDNS. Swedbank AB boosted its holdings in Cadence Design Systems by 15.1% during the third quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock worth $475,336,000 after purchasing an additional 230,672 shares during the last quarter. Leo Wealth LLC lifted its position in shares of Cadence Design Systems by 6.6% during the 3rd quarter. Leo Wealth LLC now owns 780 shares of the software maker’s stock worth $211,000 after buying an additional 48 shares in the last quarter. Private Advisor Group LLC lifted its position in shares of Cadence Design Systems by 31.2% during the 3rd quarter. Private Advisor Group LLC now owns 10,332 shares of the software maker’s stock worth $2,800,000 after buying an additional 2,457 shares in the last quarter. Commerzbank Aktiengesellschaft FI boosted its stake in shares of Cadence Design Systems by 37.0% in the 3rd quarter. Commerzbank Aktiengesellschaft FI now owns 2,504 shares of the software maker’s stock worth $679,000 after buying an additional 676 shares during the last quarter. Finally, Greenleaf Trust grew its holdings in shares of Cadence Design Systems by 8.0% in the third quarter. Greenleaf Trust now owns 6,012 shares of the software maker’s stock valued at $1,629,000 after acquiring an additional 445 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $270.39 on Friday. The firm’s 50 day moving average is $302.27 and its 200 day moving average is $287.07. The stock has a market capitalization of $74.16 billion, a P/E ratio of 70.05, a PEG ratio of 3.48 and a beta of 1.03. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). The company had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Cadence Design Systems had a return on equity of 30.20% and a net margin of 22.74%. On average, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.57 earnings per share for the current year.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $292.32, for a total value of $190,008.00. Following the sale, the vice president now directly owns 58,773 shares of the company’s stock, valued at approximately $17,180,523.36. This represents a 1.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Anirudh Devgan sold 5,920 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were 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 of the company’s stock, valued at approximately $16,987,930.96. This represents a 9.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 108,416 shares of company stock worth $33,538,875 in the last quarter. 1.99% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CDNS. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Bank of America lowered their target price on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research note on Wednesday. Piper Sandler increased their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday. Mizuho lifted their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Finally, Robert W. Baird dropped their target price on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research note on Thursday. One 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’s stock. According to data from MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average target price of $326.92.

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.