3,149 Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS) Acquired by Caisse Des Depots ET Consignations

Caisse Des Depots ET Consignations purchased a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 3,149 shares of the software maker’s stock, valued at approximately $946,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Golden State Wealth Management LLC acquired a new stake in shares of Cadence Design Systems during the fourth quarter worth $28,000. Avalon Trust Co acquired a new stake in Cadence Design Systems during the 4th quarter worth about $39,000. Versant Capital Management Inc boosted its holdings in shares of Cadence Design Systems by 164.2% in the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after buying an additional 87 shares during the period. OFI Invest Asset Management purchased a new position in shares of Cadence Design Systems in the fourth quarter worth approximately $46,000. Finally, Prestige Wealth Management Group LLC raised its holdings in shares of Cadence Design Systems by 56.6% during the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after acquiring an additional 60 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Buying and Selling at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total transaction of $198,146.00. Following the completion of the sale, the vice president now owns 59,311 shares in the company, valued at $18,080,365.24. This represents a 1.08 % decrease in their position. 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 Cadence Design Systems stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $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 ninety days. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Down 0.3 %

Shares of CDNS stock opened at $262.54 on Friday. The stock’s 50 day simple moving average is $275.52 and its 200 day simple moving average is $284.16. Cadence Design Systems, Inc. has a twelve month low of $230.09 and a twelve month high of $328.99. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The company has a market capitalization of $71.96 billion, a price-to-earnings ratio of 68.02, a PEG ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. As a group, research analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on CDNS shares. Robert W. Baird lowered their price objective on shares of 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. Mizuho upped their price target on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Bank of America decreased their price objective on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Loop Capital dropped their target price on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Finally, Piper Sandler raised their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $324.83.

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.