UniSuper Management Pty Ltd Buys 72,996 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

UniSuper Management Pty Ltd increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 147.4% in the fourth quarter, Holdings Channel.com reports. The fund owned 122,530 shares of the software maker’s stock after purchasing an additional 72,996 shares during the period. UniSuper Management Pty Ltd’s holdings in Cadence Design Systems were worth $36,815,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CDNS. Raymond James Financial Inc. purchased a new stake in shares of Cadence Design Systems in the fourth quarter worth about $171,991,000. Principal Financial Group Inc. raised its holdings in shares of Cadence Design Systems by 33.0% during the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after acquiring an additional 501,833 shares in the last quarter. Manning & Napier Advisors LLC bought a new position in shares of Cadence Design Systems during the 4th quarter valued at approximately $148,594,000. Proficio Capital Partners LLC purchased a new position in shares of Cadence Design Systems in the fourth quarter valued at $129,546,000. Finally, Jensen Investment Management Inc. bought a new stake in Cadence Design Systems in the fourth quarter worth $126,571,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have commented on CDNS. Oppenheimer lowered their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research report on Wednesday, March 19th. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Robert W. Baird decreased their price objective on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. Piper Sandler lifted their target price on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. Finally, Needham & Company LLC restated a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $324.83.

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $292.32, for a total transaction of $190,008.00. Following the sale, the vice president now owns 58,773 shares of the company’s stock, valued at $17,180,523.36. This trade represents a 1.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the transaction, the chief executive officer now owns 55,874 shares of the company’s stock, valued at $17,320,940. This represents a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 101,021 shares of company stock worth $31,229,155 over the last three months. 1.99% of the stock is owned by corporate insiders.

Cadence Design Systems Trading Down 2.1 %

Shares of CDNS opened at $263.41 on Thursday. The firm has a market capitalization of $72.20 billion, a price-to-earnings ratio of 68.24, a PEG ratio of 3.88 and a beta of 1.05. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 1-year low of $230.09 and a 1-year high of $328.99. The company has a 50-day moving average of $276.25 and a 200 day moving average of $284.31.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts’ consensus estimates 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 29.24% and a net margin of 22.74%. On average, research analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

About Cadence Design Systems

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.