Westpac Banking Corp Boosts Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Westpac Banking Corp lifted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 279.0% in the fourth quarter, HoldingsChannel reports. The firm owned 11,811 shares of the software maker’s stock after acquiring an additional 8,695 shares during the quarter. Westpac Banking Corp’s holdings in Cadence Design Systems were worth $3,549,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Nicolet Advisory Services LLC grew its position in shares of Cadence Design Systems by 21.9% during the fourth quarter. Nicolet Advisory Services LLC now owns 1,777 shares of the software maker’s stock worth $531,000 after buying an additional 319 shares in the last quarter. Huntington National Bank grew its holdings in Cadence Design Systems by 15.1% during the 4th quarter. Huntington National Bank now owns 2,132 shares of the software maker’s stock worth $641,000 after acquiring an additional 279 shares in the last quarter. Meeder Advisory Services Inc. raised its holdings in shares of Cadence Design Systems by 0.6% in the 4th quarter. Meeder Advisory Services Inc. now owns 7,290 shares of the software maker’s stock valued at $2,190,000 after purchasing an additional 46 shares in the last quarter. Wisconsin Capital Management LLC lifted its position in shares of Cadence Design Systems by 2.8% during the 4th quarter. Wisconsin Capital Management LLC now owns 1,798 shares of the software maker’s stock worth $540,000 after purchasing an additional 49 shares during the last quarter. Finally, Groupama Asset Managment grew its stake in shares of Cadence Design Systems by 17.3% during the fourth quarter. Groupama Asset Managment now owns 75,399 shares of the software maker’s stock worth $22,760,000 after purchasing an additional 11,137 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the sale, the vice president now owns 58,123 shares in the company, valued at approximately $14,689,425.79. This represents a 1.11 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 94,451 shares of company stock valued at $29,231,093. 1.99% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have weighed in on CDNS shares. Mizuho raised their price target on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Redburn Atlantic assumed coverage on Cadence Design Systems in a research note on Monday, January 13th. They set a “buy” rating and a $350.00 target price for the company. Robert W. Baird dropped their price target 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, February 20th. Oppenheimer reduced 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. Finally, Needham & Company LLC reiterated a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a research note on Wednesday, February 19th. One equities research 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $324.83.

Cadence Design Systems Stock Up 2.4 %

CDNS stock opened at $264.94 on Thursday. The stock has a market capitalization of $72.68 billion, a PE ratio of 68.64, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. The company has a fifty day moving average of $271.35 and a 200-day moving average of $284.21. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. Cadence Design Systems, Inc. has a one year low of $230.09 and a one year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released 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 business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. As a group, analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Cadence Design Systems Company 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.